A key Lazydays executive whose management previously sparked shareholder unrest is stepping down as chairman and leaving the company’s board after six years as a director, the company said on Monday.
Christopher Shackelton said Coliseum Capital Management, an activist hedge fund he founded and the Tampa recreational vehicle dealership’s largest shareholder, would remain a “supportive partner” to the company as it navigates dire straits in a challenging economic climate for the industry.
Coliseum currently holds 65.1% voting power in Lazydays, an increase from 59.5% during the same time last year, according to U.S.
Securities and Exchange Commission filings. Shackelton did not immediately return a request for comment on whether Coliseum plans to exit the company.
Shackelton’s tenure as chairman began in December 2021 at the height of Lazydays’ performance when it surpassed $1 billion in revenue, but it has ended in a period of mounting financial challenges for the company.
Within his first months in the role, when he rejected a premium take-private buyout offer, shareholders revolted and raised questions about management’s strategic plan for the company.
The appointment of CEO John North in July 2022 quieted shareholder concerns and kicked off an aggressive expansion of Lazydays’ dealership footprint through acquisitions and new builds.
Coliseum planned to lead a $100 million capital raise in late 2023 to shore up cash reserves that had been depleted by the expansion but called off the offering after a sharp drop in Lazydays’ (Nasdaq: GORV) stock price.
Today, the company’s share price is a sixth of its peak value, while annual profits have turned to losses, and future earnings power is on shaky ground, financial statements show.
North said in May that he expects to end the year with a pre-tax loss after reporting a $22 million net loss during the first quarter and an 8.5% decrease in revenue to $270.6 million.
Robert DeVincenzi, formerly an independent director and interim CEO before North’s appointment, is succeeding Shackelton as chairman.
“On behalf of the board, I would like to extend our gratitude to Chris for his dedicated service to Lazydays over the past six years.
He and Coliseum have acted as thoughtful and strategic partners to the business, and thanks in large part to their support and guidance, Lazydays has established a strong foundation upon which to build,” DeVincenzi said in a statement.
Agroup of protestors from the ‘Just Stop Oil’ protest movement attempted to disrupt Gatwick Airport on Monday morning by blocking the the main security control point in the South Terminal by sitting in front of the entrance with so-called ‘lock on’ devices.
The group of eight ‘Just Stop Oil’ supporters, including 63-year-old mother and environmental consultant Mel Carrington, started their protest at around 8 am on July 29.
Carrington said she was participating in the protest to demand that governments worldwide commit to eliminating the use of oil, gas, and coal by 2030 at the latest.
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Agroup of protestors from the ‘Just Stop Oil’ protest movement attempted to disrupt Gatwick Airport on Monday morning by blocking the the main security control point in the South Terminal by sitting in front of the entrance with so-called ‘lock on’ devices.
The group of eight ‘Just Stop Oil’ supporters, including 63-year-old mother and environmental consultant Mel Carrington, started their protest at around 8 am on July 29.
Carrington said she was participating in the protest to demand that governments worldwide commit to eliminating the use of oil, gas, and coal by 2030 at the latest.
“I can’t bear to stand back and watch millions dying because the rich and powerful prefer to protect their wealth and status than the lives of ordinary people,” Carrington said as the protest got underway during the morning rush for flights to popular holiday destinations.
The lock-on devices used by the protestors make it unsafe for security personnel or the police to simply pull them off the floor and specialist removal teams must be called in to painstakingly cut away the locks – a process that protestors know can make their protest action more disruptive.
Passengers desperate to get away on their summer holidays weren’t, however, willing to wait for the removal teams to arrive and pushed through the entrance to the security check point, stepping over the protestors to get to the departure gates.
In a statement, a spokesperson for Sussex Police said the force had arrested eight people on suspicion of interfering with public infrastructure. They remain in custody.
On Sunday, another ‘Just Stop Oil’ protestor was removed from Terminal 5 at Heathrow Airport after holding up a sign in the Arrivals Hall which read “OIL KILLS”.
Heathrow Airport recently obtained a High Court injunction which bans anyone from taking part in protest activity at the airport.
Last week, a group of ten Just Stop Oil supporters were nabbed by police on the outskirts of the airfield because it was feared they intended to break onto the runway and disrupt flights.
Airports across Europe are on high alert for environmental protestors intent on causing mass flight disruption after a series of direct action campaigns in Germany and elsewhere.