Here's the brutal presentation that led Buffalo Wild Wings to shake up its board
On Tuesday, the company announced it was appointing three new independent directors, with appointments effective immediately.
With the new members and the retirement of two directors, Dale Applequist and Warren Mack, Buffalo Wild Wings is increasing the size of its board from eight to nine people.
"[Applequist and Mack's] decision to retire early upon our identification of three new, highly-qualified directors demonstrates their commitment to enhancing Buffalo Wild Wing's governance through refreshment," James Damian, chairman of Buffalo Wild Wings' board, said in a statement on Tuesday.
New members include CBS Radio president Andre Fernandez, eBay executive Hal Lawton, and Levi Strauss & Co. CFO Harmit Singh.
The shake up comes two months after Mick McGuire, the founder and CEO of Marcato Capital Management who has been called a Bill Ackman "protégé," released a harsh letter to James Damian, the chairman of Buffalo Wild Wing's board of directors.
The letter accused Buffalo Wild Wings management of ignorance and inaction, and demanded new board members. McGuire called for "interested shareholders" - like Marcato - to be consulted in adding new board members, calling independent changes "a hostile act of entrenchment."
Along with the letter, McGuire released a presentation that the hedge fund, which has a 5.2% stake in Buffalo Wild Wings, reportedly shared with Buffalo Wild Wings executives in June. Here are the slides: