Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(b) In connection with the previously announced consolidation of the offices of Skullcandy, Inc. (the "Company"), Aaron Behle, the Company's Vice President, International Sales and Nate Morley, the Company's Vice President, Global Marketing, both notified management of the Company on June 20, 2013, that they would not be relocating to the Company's headquarters in Park City, Utah in order to pursue other opportunities. The Company has deemed their resignation in connection with the consolidation of the offices to be an effective termination without cause, entitling both individuals to the severance payments and other benefits set forth in their offer letters. A description of the severance benefits for each of Mr. Behle and Mr. Morley can be found in the Company's Annual Proxy Statement, filed with the Securities and Exchange Commission on April 29, 2013.
To facilitate an orderly transition, Mr. Behle has agreed to continue in his role as Vice President, International Sales until August 9, 2013 and Mr. Morley has agreed to continue in his role as Vice President, Global Marketing until September 3, 2013.
As previously disclosed on June 17, 2013, Kyle Wescoat notified the Company of his intention to resign from his position as Senior Vice President and Chief Financial Officer in order to pursue other opportunities closer to his home in Southern California. To facilitate an orderly transition, Mr. Wescoat has agreed to continue in his role as Senior Vice President and Chief Financial Officer until October 4, 2013 (the "Separation Date").
In connection with Mr. Wescoat's resignation from the Company, and for continuing as the Chief Financial Officer of the Company during the search for his successor, Mr. Wescoat and the Company will enter into a Separation Agreement on Mr. Wescoat's last day of employment with the
Nate Morley was of the ones most responsible for the packaging update that killed the sell-through. More to this story I'm sure. He likely got pushed out and used this as an opportunity to gracefully walk away, as Sam Paschel (who is one of the stars) basically took over his job overnight. Hoby is cleaning house here, as he should be doing.
No EVP Sales, Marketing or CFO in the ST..... good time to sell the company before you make expensive hires... streamlining the organization, consolidating offices.. making it easier to be acquired... Remember Hoby's background..