Fossil Group announced that Eugene I. Davis has been appointed to its board of directors and will serve as a member of the board’s audit committee.
The Richardson-based company also said that pursuant to an investor agreement with The Buxton Helmsley Group (BHG), it will add BHG nominee Pamela B. Corrie to its board. Corrie will serve as a member of the nominating and corporate governance committee.
“We’re pleased to have individuals of Gene’s and Pamela’s stature and experience join the Fossil board,” Board Chairman Kevin Mansell said in a statement. “Together, Gene and Pamela have tremendous operating, retail, turnaround, governance and leadership expertise, which we believe will be particularly valuable as we conduct a strategic review to maximize shareholder value, while continuing to advance the company’s Transform and Grow Plan.”
Fossil Group is a global design, marketing, distribution, and innovation company specializing in lifestyle accessories.
Fossil said that, collectively, the two new directors bring decades of experience in retail operations, turnarounds, and finance and accounting. The board will recommend nine nominees to stand for election at the 2024 annual stockholders meeting, consisting of the two new directors and seven other nominees, who are current directors, to be selected by the board.
“We’re confident that with these additions to the board, Fossil is well positioned to realize its full potential and drive value for all shareholders. We look forward to supporting Fossil as it executes its strategic plan,” Alexander Parker, senior managing director at BHG, said in a statement.
Both new board members are turnaround specialists
Over the past 40 years, Davis has served as chairman, chairman of audit, compensation, nominating and governance, finance, and special committees, director, chief executive officer or chief restructuring officer of more than 250 public and private companies and businesses operating in diverse sectors, including consumer products and retail.
During the past five years, Davis has been a member of the boards of Aeromexico, Babylon Holdings Limited, Bluestem Group Inc., F45 Training Holdings Inc., GTT Communications Inc., Hycroft Mining Holding Corp., Loyalty Ventures Inc., MediaMath Holdings Inc., Parker Drilling Co., PGX Holdings Inc., Skillsoft Corp., Verso Corp., and VICI Properties Inc.
The company said that as an executive, director and adviser, he has managed, restructured, sold, liquidated, and advised businesses across multiple sectors on business transformations, complex transactions, operational turnarounds and leadership succession planning.
Currently, Davis is chairman and CEO of PIRINATE Consulting Group LLC, a privately held consulting firm specializing in turnaround management, merger and acquisition consulting and strategic planning advisory services for domestic and international public and private business entities.
Corrie has over 25 years of experience in complex corporate turnarounds and restructuring strategy. After practicing law at Weil, Gotshal & Manges for a decade, Corrie served in multiple executive leadership roles, including as the general counsel for risk and restructuring at General Electric Capital Corp., Americas, and chief restructuring officer of ABC Carpet and Home Inc.
Corrie was also CEO, Corporate of Epiq Systems, a provider of legal and business services. She previously held or currently holds board positions at Burford Capital, Spark Networks SE, AIG Financial Products, iFit Health and Fitness Inc., AM Castle, Carl Marks Advisors, Boxed, Inc., Lord & Taylor, Pier 1 Imports, Inc., and Bed, Bath & Beyond (director of 15 subsidiaries), among others.
Fossil Group has a diverse portfolio of owned and licensed brands, including watches, jewelry, handbags, small leather goods, belts and sunglasses.
Longtime Fossil CEO stepped down earlier this month
Earlier this month, longtime Fossil CEO Kosta Kartsotis stepped down from that position and from the company’s board of directors. Chief operating officer Jeffrey Boyer was named interim CEO and moved onto the board.
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