American Outdoor Brands Appoints Independent Director to Board

American Outdoor Brands Inc., a provider of products and accessories for outdoor enthusiasts, has appointed Bradley T. Favreau, an independent director, to the company’s board of directors, effective immediately, with a term expiring at the company’s 2023 annual meeting of stockholders.

With the addition of Favreau, the size of the board will increase from six to seven directors, including six independent directors.

This appointment is in connection with a cooperation agreement that American Outdoor Brands entered into with Engine Capital Management LP pursuant to which Engine Capital will withdraw its director nominations previously submitted and will support the board’s full slate of directors at the 2022 annual meeting of stockholders. Engine Capital also agreed to abide by standstill provisions and voting commitments.

Favreau serves as a Partner at Engine Capital, which serves as the investment manager to value-oriented special situations funds that invests in companies undergoing change. Favreau has been at Engine Capital since 2013. His responsibilities include sourcing and evaluating investment opportunities as well as monitoring portfolio risk and position sizing.

He serves as a director of MYR Group Inc., a holding company of leading, specialty electrical contractors providing services throughout the United States and Canada, where he serves on the Compensation Committee and the Nominating, Environmental, Social and Corporate Governance Committee.

From 2015 to 2017, Favreau served as a director and a member of the Audit Committee of RDM Corporation, a provider of solutions for the electronic commerce and payment processing industries. Prior to Engine Capital, in 2011, Favreau was a consultant at HUSCO International, a global leader in the development and manufacture of hydraulic and electro-hydraulic controls for off-highway applications. At HUSCO International, his duties included identifying and initiating supply chain improvement initiatives. He also has worked as an investment professional at Apax Partners, an international private equity investment group, and in the mergers and acquisition group at UBS AG.

Barry M. Monheit, American Outdoor Brands’ Independent Chair of the Board, said, “American Outdoor Brands’ Board of Directors is committed to adhering to the highest standards of corporate governance and acting in our stockholders’ best interests. To that end, after thoughtful deliberation, we are pleased to welcome Brad to our board and look forward to working collaboratively with him to reach our goal of delivering superior stockholder value in the years ahead. Brad brings significant financial markets and public company board experience to American Outdoor Brands and will further enhance our Board’s alignment with stockholders.”

Brian Murphy, President and CEO of American Outdoor Brands, added, “We look forward to integrating Brad’s ideas as we remain focused on executing our strategic priorities, including bringing new innovative products to market, expanding and building on recent momentum in our direct-to-consumer brand offering and leveraging the breadth and strength of our brand portfolio through our successful Dock & Unlock strategy. Our healthy financial position provides us with a solid foundation as we build stronger, long-lasting relationships with our consumers and create long-term value for shareholders.”