Fossil Group Announces Appointment of Eugene Davis and Pamela Corrie to Board of Directors

RICHARDSON, Texas, March 25, 2024 (GLOBE NEWSWIRE) -- Fossil Group, Inc. (“Fossil” or the “Company”, NASDAQ: FOSL) today announced that Eugene I. Davis has been appointed to the Board of Directors (the “Board”), effective March 24, 2024. Mr. Davis will serve as a member of the Board’s Audit Committee.

The Company also announced that it has entered into a Cooperation Agreement with shareholder The Buxton Helmsley Group, Inc. (“BHG”). Pursuant to the Cooperation Agreement, the Company will welcome BHG nominee Pamela B. Corrie to the Board, effective March 24, 2024. Ms. Corrie will serve as a member of the Board’s Nominating and Corporate Governance Committee. The Company’s complete Cooperation Agreement with BHG, which includes certain customary standstill, voting, and other provisions, will be filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”) as an exhibit to a Current Report on Form 8-K.

The appointment of the two new independent directors reflects Fossil’s commitment to ongoing Board refreshment and governance excellence. Collectively, the new directors bring decades of experience in retail operations, turnarounds, and finance and accounting. In the Company’s upcoming proxy statement, the Board will recommend nine nominees to stand for election at the 2024 Annual Meeting of Stockholders, consisting of the two new directors and seven other nominees, who are current directors, to be selected by the Board.

Kevin Mansell, Chairman of the Board, said, “We are pleased to have individuals of Gene’s and Pamela’s stature and experience join the Fossil Board. Together, Gene and Pamela have tremendous operating, retail, turnaround, governance and leadership expertise, which we believe will be particularly valuable as we conduct a strategic review to maximize shareholder value, while continuing to advance the Company’s Transform and Grow Plan.”

Alexander Parker, Senior Managing Director at BHG, said, “We are confident that with these additions to the Board, Fossil is well positioned to realize its full potential and drive value for all shareholders. We look forward to supporting Fossil as it executes its strategic plan.”

Mr. Davis, over the course of the past 40 years, has served as chairman, chairman of audit, compensation, nominating and governance, finance, and special committees, director, chief executive officer or chief restructuring officer of more than 250 public and private companies and businesses operating in diverse sectors, including consumer products and retail. During the past five years, Mr. Davis has been a member of the board of directors of each of Aeromexico, Babylon Holdings Limited, Bluestem Group Inc., F45 Training Holdings Inc., GTT Communications, Inc., Hycroft Mining Holding Corporation, Loyalty Ventures Inc., MediaMath Holdings, Inc., Parker Drilling Company, PGX Holdings, Inc., Skillsoft Corp., Verso Corporation, and VICI Properties Inc. In his capacity as an executive, director and advisor he has managed, restructured, sold, liquidated and advised businesses across multiple sectors on business transformations, complex transactions, operational turnarounds and leadership succession planning. He is currently the Chairman and Chief Executive Officer of PIRINATE Consulting Group, LLC, a privately held consulting firm specializing in turnaround management, merger and acquisition consulting and strategic planning advisory services for domestic and international public and private business entities.