Quiksilver Director Resigns- and She Doesn’t Sound Happy.
Quik filed an 8K today announcing that a director, Elizabeth Dolan, had resigned from the board effective immediately. Here’s what she said in her resignation letter.
Dear fellow Quiksilver Directors:
It is with regret that I inform you that I am resigning from the Quiksilver board effective immediately.
I joined this board with a strong commitment to carrying out the full responsibilities of a Director. By excluding me from crucial board discussions and votes, I have been prevented from fulfilling this role. Indeed, your lack of trust in me has been made clear. On my end, this can’t be rebuilt.
With respect, I wish the best for the future of Quiksilver.
The terse, blunt language in her resignation seems to me to be a bit unusual for a resigning director. Here’s a description of Ms. Dolan’s background from Quik’s last proxy statement.
Elizabeth Dolan currently serves as Chief Marketing Officer of FOX International Channels (FIC), which includes global television channel brands such as FOX, National Geographic Channel and FOX Sports, where she oversees all brand development, consumer communications, new programming launches and trade marketing for more than 350 television channels in Asia, Latin America, Europe and Africa. Ms. Dolan joined FIC in January 2011. Prior to joining FIC, Ms. Dolan served as Chief Marketing Officer for OWN: The Oprah Winfrey Network from January 2009 to June 2010. From November 2003 until September 2008, Ms. Dolan was President of Mudbath Productions, which produced radio shows for the ABC Radio Networks. From September 1997 until November 2003, she operated a marketing consulting practice. Prior to that, from August 1988 to September 1997, Ms. Dolan held various positions with Nike, Inc., including serving as Corporate Vice President and VP of Global Marketing. Ms. Dolan earned a bachelor’s degree from Brown University in 1979. As a result of her extensive experience in the worldwide marketing of globally recognized brands, our board of directors believes that Ms. Dolan will bring important insights and guidance to board deliberations regarding our brand development and overall marketing strategies.
If you want to know more, check out her LinkedIn profile.
To be clear, I don’t know what happened, and have not met or talked to Ms. Dolan. But based on the description of her experience, she’s the kind of person I think I’d want around if I were dealing with some of Quik’s problems.
This almost feels like a continuation of the management transition that happened when Andy Mooney got fired.
I will be interested to see what Quik’s quarterly report looks like when we see it in a week or so.