Clothing retailer Urban Outfitters faces claims that it has failed to address a lack of boardroom diversity.
CtW Investment Group has now written to investors proposing they vote against the reappointment of two directors, claiming that “extreme insularity” has contributed to weak performance, according to Bloomberg.
The letter says investors should oppose the re-election of the board’s two longest-serving members, Robert Strouse and Harry Cherkin.
Bloomberg quotes the CtW letter from executive director Dieter Waizenegger, saying the company’s nominating committee has “largely failed to recognise the necessary director qualifications” to deal with changing consumer habits.
Urban Outfitters has responded by saying it has been making “targeted, strategic steps” to alter the profile of the board.
