Business Involvements - Investment & Leadership
A.T. Cross Through a JV structure brought in a team to renew the brand and to develop a new retail concept that served as a prototype for shop-in-shop displays in major European department stores
Christopher & Banks Advised and supported the CEO through a leadership transition and merchandising-driven turnaround
CML Group Joined the board, and, as Executive Chairman and Interim CEO, oversaw restructuring and sale of Smith & Hawken and Nordic Track subsidiaries
Cost Plus World Market Joined the board and advised the CEO and leadership team through a merchandising-driven turnaround and strategic sale process
Guess Invested to support key new team members and an operating turnaround
Gymboree Joined the board and partnered with the chairman on a merchandising-led turnaround; helped build a new world-class management team and a growth strategy including the incubation and successful launch of two new retail concepts; and oversaw a strategic sale process
Handleman Company Invested and served as an adviser to the CEO on value, strategy, and public markets
Kirklands Invested to support the management team through a merchandising-driven turnaround
Massif Co-acquired the business; worked with leadership on launch of consumer market line
Naja Invested and advised the founder on brand direction and distribution channels
Pier 1 Imports Invested & advised the CEO on refocusing the brand
RedEnvelope Chaired the board through a management change, built a new executive team and led a strategic review and turnaround planning
Restoration Hardware Invested to support the founder's plan to turn around the business
Spy Optic Co-chaired the board, partnering with the founder and helping to recruit a new CEO to lead brand and growth strategy
Three Twins Ice Cream Invested, joined the board, coalesced additional investors and board members, advised the founder
United Retail Group (Avenue Stores) Proposed new expert directors to support a merchandise-driven turnaround
Vans Invested to support refocussing including divestment of ancillary businesses and growth of the core brand
Yard O Led Invested and led the first phase of a turnaround of heritage UK writing instrument brand
Wellco, Altama Co-acquired the brands; partnered on development of strategies to build consumer market presence
Wildfang Co-organized foundational investment round; served as startup adviser to the founder
Selected Boards
CML Group Inc. (public, NYSE) Chairman; Executive Chairman
Cost Plus World Market (public, NASDAQ) Compensation and Strategic Review committees
Gymboree (public, NASDAQ) Audit, Compensation and Strategic Review committees
Hunter Bell Designs (private)
Imperial Yard, Ltd. (private UK limited company)
Massif Inc. (private)
Nordic Track (public company subsidiary) Chairman
RedEnvelope (public, NASDAQ) Executive Chairman; Nominating & Governance committee
Smith & Hawken (public company subsidiary) Chairman
Spy Optic (public, NASDAQ) Co-Chairman; Compensation committee
Tactical Holdings Inc. (private platform, comprised of three military/tactical brands)
Three Twins Ice Cream (private)
Nonprofit/Educational Boards
The Berkeley School
Maybeck High School
The Gregory School
The Tucson Symphony Orchestra
Example Advisory Clients
Altamont Capital Partners Senior Adviser, consumer-focused investments
Solomon Partners Senior Adviser, leadership & strategy
Bass Family Strategic Adviser, various activist investments; co-founder, The Trinity Fund
Carl Icahn Strategic Adviser, proxy contest strategy
Chrysler Strategic/BoardAdviser, activist investment defense
Kmart Strategic/Board Adviser, institutional investor proposals
Ben & Jerry’s Board Adviser, strategic alternatives
A.T. Cross Strategic Adviser, brand renewal and distribution
Scotts Miracle Gro Board Adviser, control & leadership
Nine West Group Strategic Adviser, acquisitions
Kodak, Adviser, governance & institutional investor relationships
Shoney's Board Adviser, succession and governance
Activist Investment Practice Innovations
Independent Director Slates Helped to pioneer activist campaigns to elect minority (non-controlling) director slates at large public companies, rather than seeking control, including (with Carl Icahn) the first slate of fully independent director candidates (not affiliated with the nominating investor)
Activist Settlements Working for Chrysler, developed the first settlement of a major proxy challenge (Fortune 20 company) based on consulting with and responding to the views of the company's major institutional investors
Institutional Investor Input on Strategy Working for Kmart, organized the first meeting at a major public company in which the leadership team, board, and top institutional shareholders discussed performance and value
Investor-Driven Control Strategies Working for Nine West Group, developed strategy for the first acquisition transaction (of U.S. Shoe Corp) whose success hinged on engagement with institutional investors
Activist Fund Formation Worked with the Bass family to raise The Trinity Fund, the first $1 billion fund for active investing in the American and Canadian markets
Institutional Voting Activism Advised over two dozen key public and private institutional investors on the development of their first pro-active governance programs, including CalPERS, CalSTRS, The Wisconsin Public Retirement System, the New York State Teachers' Fund, The Florida Employees' Pension Fund, Fidelity Investments, State Street Advisers, Dimensional Fund Advisers, the Vanguard Funds. Also advised intermediary organizations including Institutional Shareholder Services and the Investor Responsibility Research Center.
Institutional Voting Research Service Co-founded early provider of voting recommendations to institutional investors, focused on high-value voting decisions including proxy challenges and takeover bids