Quicksilver violated a 2000 stock incentive plan by giving its CEO,
Europe President and COO awards of 4 million restricted stock units,
alleges a complaint filed by the Vladimir Gusinsky Living Trust.
Business Week
has learned that Quiksilver CEO Robert McKnight and the board of the
surfwear brand are being sued by an investor over stock incentives.
According to the complaint filed Monday by the Vladimir Gusinsky Living
Trust, awards of 4 million restricted stock units to McKnight,
Quiksilver Europe President Pierre Agnes, and COO Craig Stevenson
violated a 2000 stock incentive plan. The trust said in the filing in
Delaware Chancery Court that the awards are “a waste of the company’s
corporate assets and a breach of fiduciary duties owed to the company
and its shareholders by the members of the compensation committee.” The
trust is seeking a court order that would direct the California-based
clothing maker to improve its corporate governance along with
unspecified damages.
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