deckers outdoor corp (DECK) Key Developments
Deckers Brands Appoints David E. Lafitte as Chief Operating Officer
Jan 21 15
Deckers Brands announced the appointment of David E. Lafitte to Chief Operating Officer, effective February 2, 2015. Mr. Lafitte previously served as the company's general counsel. He replaces Zohar Ziv, who retired from the company on January 16, 2015. Mr. Lafitte has served as general counsel of Deckers since January 2012 and also was a shareholder in the law firm, Stradling, Yocca, Carlson & Rauth, P.C. where he was a member of the firm's board of directors and executive committee.
Deckers Brands Appoints Nelson Chan to its Board of Directors
Dec 17 14
Deckers Brands announced the appointment of Nelson Chan to the company's board of directors. Mr. Chan has a strong background in operational, financial and analytical management at fast growing organizations and brings valuable corporate governance and strategic insights to the company's board. The company also announced that Maureen Conners will step down from the Deckers board at year-end to pursue other activities. Nelson Chan is chairman of the board of directors of Outerwall, the public company that is behind the well-known Redbox movie and video game rental kiosks and popular Coinstar coin-counting kiosks. He is also Lead Independent Director of Synaptics. He serves as a member of the board of directors of Affymetrix. Mr. Chan is also chairman of the board of director of several select privately held companies. Mr. Chan served as chief executive officer of Magellan from 2006 to 2008.
Deckers Brands Appoints Sergio Azzolari as Senior Vice President, EMEA, Effective February 2, 2015
Nov 25 14
Deckers Brands announced the appointment of Sergio Azzolari to the role of Senior Vice President, EMEA, starting on February 2, 2015. Sergio Azzolari has previously worked at an international executive level in Europe, Asia and the US with a strong background in commercial marketing and operational roles. He joins Deckers Brands from the Luxottica Group, a leader in premium and luxury eyewear.
Deckers Outdoor Corporation Enters into a Second Amended and Restated Credit Agreement with JPMorgan Chase Bank
Nov 19 14
Deckers Outdoor Corporation entered into a Second Amended and Restated Credit Agreement with JPMorgan Chase Bank, National Association as Administrative Agent, Comerica Bank and HSBC Bank USA, National Association, as Co-Syndication Agents, and the lenders party thereto. The Restated Credit Agreement amends and restates, in its entirety, the Amended and Restated Credit Agreement entered into as of August 10, 2012 among the Company, JPMorgan, as Administrative Agent, Comerica Bank and HSBC, as Co-Syndication Agents, and the lenders party thereto. Consistent with the Original Credit Agreement, the Restated Credit Agreement provides for a secured revolving credit facility with commitments of $400 million, a sublimit for the issuance of letters of credit of $75 million and a sublimit of $5 million for swingline loans. In addition to allowing borrowings in US dollars, the Restated Credit Agreement provides a $150 million sublimit for borrowings in Euros, Sterling and any other currency that is subsequently approved by JPMorgan, each lender and each letter of credit issuing bank. Subject to customary conditions and the approval of any lender whose commitment would be increased, the Company has the option to increase the maximum principal amount available under the Restated Credit Agreement by up to an additional $200 million, resulting in a maximum available principal amount under the Restated Credit Agreement of $600 million. However, none of the lenders has committed at this time to provide any such increase in the commitments. At the Company's option, revolving loans issued under the Restated Credit Agreement will bear interest at either adjusted LIBOR or an alternate base rate, in each case plus the applicable interest rate margin. Revolving loans will initially bear interest at adjusted LIBOR plus 1.25% per annum, in the case of LIBOR borrowings, or at the alternate base rate plus 0.25% per annum. After the compliance certificate is received for the year ending December 31, 2014, the interest rate will fluctuate between adjusted LIBOR plus 1.25% per annum and adjusted LIBOR plus 2.00% per annum (or between the alternate base rate plus 0.25% per annum and the alternate base rate plus 1.00% per annum), based upon the Company's Total Adjusted Leverage Ratio at such time. The Company will initially be required to pay fees of 0.175% per annum on the daily unused amount of the revolving credit facility. After the compliance certificate is received for the year ending December 31, 2014, the fee rate will fluctuate between 0.175% and 0.30% per annum, based upon the Company's Total Adjusted Leverage Ratio.
UGG Opens First High-Tech Concept Store in Washington, D.C. Area
Nov 13 14
Deckers Brands announced the opening of its first-ever UGG(R) Australia technology-driven concept store, located in the Washington, D.C. metropolitan area. Centered exclusively on the consumer, the new store serves as Deckers' second "Innovation Lab" -- the first being the Company's Brand Showcase store in the Santa Barbara, California area -- to test the latest Omni-Channel models, merchandising approaches and other innovations that can be deployed across Company-owned retail locations. The 2,110 square foot store, now open to the public, underscores Deckers' steadfast commitment to delivering compelling products to consumers through seamless shopping experiences. Its luxurious aesthetic is complemented by sleek, interactive digital enhancements. By introducing elements of online shopping into the physical brick-and-mortar store, Deckers is giving UGG(R) consumers the opportunity to shop the nearly 230 SKUs on display, as well as Infinite UGG products -- an "endless aisle" of merchandise not found in store.