Activist investor Marcato Capital Management said on Tuesday it will seek to replace Deckers Outdoor Corp's (DECK.N) board if the footwear maker's review of strategic alternatives did not result in a sale of the company.
Marcato, which said it owns a 6 percent stake in Deckers' shares, will nominate a slate of director candidates to replace the company's entire board, the hedge fund warned in a letter.
Deckers, the maker of UGG boots and apparel, said in April it was exploring a sale as part of a review of strategic options.
Investment management firm Red Mountain Capital Partners LLC in March pushed Deckers for a sale, saying its stock had underperformed due to management's "consistently poor capital allocation decisions."
Deckers' shares were up 1.4 percent at $67.90 on Tuesday in afternoon trading.