The Vladimir Gusinsky Living Trust (click the link it’s worth it) has reportedly sued Quicksilver CEO Bob McKnight and the board of directors over some restricted stock that was given to several top executives at the company, according to a story in BloombergBusinessweek.
Awards of 4 million restricted stock units to McKnight, Pierre Agnes, president of Quiksilver Europe, and Craig Stevenson, the company’s chief operating officer, violated a 2000 stock incentive plan, according to the complaint filed today by the Vladimir Gusinsky Living Trust. . . 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 said in the filing in Delaware Chancery Court.
The trust apparently wants Quiksilver to “improve its corporate governance procedures” and recoup some “unspecific damages” according to the story. What good is being CEO if you can’t give yourself a little stock everyone once in a while?
[Link: Bloomberg Business]