Home Apparel market G-III Apparel Group Board Rejects Rejected Board Members’ Resignations

G-III Apparel Group Board Rejects Rejected Board Members’ Resignations

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By Denny Jacob


G-III Apparel Group Ltd. said on Tuesday that its board had not accepted the resignations of three board members who were rejected in an election to be a director.

The womenswear company said its nominating and corporate governance committee met after its annual shareholder meeting and determined that each of Victor Herrero, Laura Pomerantz and Richard White’s resignations were not in the best interest of the company. The board, weighing the committee’s recommendation and other factors, did not accept the resignations, according to securities filings.

Mr. Herrero, Ms. Pomerantz and Mr. White tendered their resignations to the board in accordance with company policy.

G-III said his committee and board considered the following in making their decision. The company said its board believes that Mr. White and Ms. Pomerantz did not receive enough votes because of bonuses paid under their employment contracts with the chief executive and vice-chairman, who could not be modified by the board of directors or its compensation committees.

The company’s board also said it believes Mr. Herrero did not receive enough votes because of the policies of proxy advisory firms and some institutional investors regarding “overboarding.” The G-III said it intended to adopt a policy setting parameters for board members serving on other public company boards, including limiting the number to which they can sit. G-III said Mr. Herrero indicated he would comply with company policy.


Write to Denny Jacob at [email protected]