VANCOUVER, WA -- Edward Bramson has made his way into the CEO position at Nautilus, just three months after Sherborne Investors, the group that Bramson is a partner in, won a proxy fight that put Sherborne Investors in control of Nautilus’ board and Bramson in as chairman of the board.
On Wednesday, Robert Falcone, a former Nike executive who had been named CEO of Nautilus last summer (replacing Gregg Hammann), was replaced by Bramson in that role. Sherborne Investors owns 23.5 percent of Nautilus’ stock and won four of the seven board positions in the December shareholder election. At that time, the board retained Falcone in the CEO role.
"All of the directors and I join in thanking Bob for his many contributions during a period of transition for the company," Bramson said in a press release Wednesday.
Sherborne Investors had expressed concern over Nautilus’ continued losses and dropping stock price. The company’s stock is near its lowest point for the past 52 weeks. It had a high of $17.13 but closed at $3.53 on Wednesday, the day the announcement of Falcone’s departure was made.
Falcone’s departure is just one of many changes that Nautilus has undergone in the past year. The company suspended production of the commercial version of its Treadclimber TC916, stopped production of its MyStride EV916 elliptical, accepted an offer of $69.5 million from Shimano American Corp. for its Pearl iZumi apparel and footwear segment, and moved a call center in Winnipeg, Canada, to the company’s headquarters in Vancouver, WA.