Activist DGB Names Neiman Marcus Alum as Interim CEO If It Wins Ethan Allen Board
ETD is trading near its 52-week low of $18.28 (7.3% above the low) on light trading volume (0.1× avg).
Summary
DGB's Doug Bergeron put a name to his succession plan: Stefanie Tsen Ward, most recently Neiman Marcus's chief integrated retail and customer officer, would run Ethan Allen day-to-day immediately after the November 4 annual meeting if his slate wins. Ward's resume includes senior roles at Sephora and Louis Vuitton Canada — a retail operator, not a furniture insider. Bergeron's stake is now 5.2%, and he says all three leading proxy advisors back removing 82-year-old CEO Farooq Kathwari from the board. The company has pledged a successor by June 30, 2027, keeping Kathwari as CEO through the transition. The vote is next Wednesday, so the board composition — and who actually runs the company — gets decided within days.
At the time of this announcement, ETD was trading at $19.62 on NYSE in the Trade & Services sector, with a market capitalization of approximately $494.5M. The 52-week trading range was $18.28 to $28.21. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Seeking Alpha.