Marcato Capital 'disappointed' in Buffalo Wild Wings' naming of new directors
Marcato Capital Management, an investment manager which manages funds that beneficially own approximately 5.2% of the outstanding common shares of Buffalo Wild Wings, issued the following statement in response to appointment of three new directors to the company's board of directors: "After attempting to engage in substantive dialogue with Buffalo Wild Wings for months, we are deeply disappointed by the company's unilateral decision to reconstitute its board without consulting us or other outside shareholders. Rather than working collaboratively with its investors, Buffalo Wild Wings has opted to exercise poor judgment, taking entrenching actions to create the illusion of change without showing any real openness to new voices and desperately-needed new ideas. Marcato has raised a number of significant strategic, operational and financial issues. We are convinced that, even with these new additions, the board lacks a sufficient level of restaurant operations and franchise system development expertise and would benefit further by adding shareholder representatives."