Buffalo Wild Wings rejects Marcato's call to replace CEO


Reuters

April 20 (Reuters) - Buffalo Wild Wings Inc <BWLD.O> said on
Thursday that it had turned down activist shareholder Marcato
Capital Management's offer to withdraw its board nominees if the
restaurant chain replaced Chief Executive Sally Smith.
    Hedge fund Marcato, which said it owned a 6.1 percent stake
in Buffalo Wild Wings, launched a proxy fight in February,
nominating four directors for the nine-member board.
    Marcato began to agitate for changes last July, saying
Buffalo Wild Wings did not franchise out enough restaurants and
citing concerns about the board's lack of experience in the
restaurant industry. [nL1N1G71FB]
    One of Marcato's nominees, Kraft Food veteran Sam Rovit, is
also part of Buffalo Wild Wings slate.
    Marcato also wanted its founder Mick McGuire and Rovit named
to Buffalo Wild Wings' board for withdrawing its nominations,
the company said in a regulatory filing. (http://bit.ly/2oOiyaj)

    "The status quo is unacceptable - oversight and
accountability must be restored and CEO Sally Smith must be
replaced," McGuire said in a statement on Thursday. [nPn4T8kLFa]
    Buffalo Wild Wings' annual meeting is expected in May.
    The company's shares were up 3.4 percent at $159.80 on
Thursday in morning trade.

 (Reporting by Jessica Kuruthukulangara in Bengaluru; Editing by
Sriraj Kalluvila)
 ((Jessica.Kuruthukulangara@thomsonreuters.com; U.S.:
+1-646-223-8780, outside U.S.: +91-80-6749-7142; Reuters
Messaging: Jessica.Kuruthukulangara.reuters.com@reuters.net))

Keywords: BUFFALO WILD MARCATO/



This article appears in: World Markets , Stocks
Referenced Symbols: BWLD


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