Lazydays Holdings announced Thursday that William Murnane is stepping down as its chairman and chief executive officer, as the RV dealership operator faces activist pressure.
Robert DeVincenzi, lead independent director of the board, will serve as interim CEO beginning Jan. 1, Lazydays said in a statement. Christopher Shackelton, a current director on the board, will take over as chairman, effective immediately.
Murnane did not immediately return a request for comment, according to MarketWatch. He was named chairman of Lazydays’ board in 2009, after his former employer, private-equity firm Wayzata Investment Partners, bought a major stake in Lazydays following its bankruptcy.
The company said Murnane told the board he would resign as chairman and CEO on Dec. 22 and March 16, respectively, according to the statement from Lazydays.
The board elected to accelerate his transition to Jan. 1, per the terms of Murnane’s employment terms, it said.
The board has enlisted an executive search firm to search for a permanent successor, Lazydays said.
Shares in Lazydays fell 1.3 percent in after-hours trading following the announcement. The stock is up just over 28 percent this year, according to MarketWatch.
Kanen Wealth Management, which has a 6.5 percent stake in Lazydays, recently agitated for a management shakeup at Lazydays, writing in a Nov. 30 letter to the company’s board that Murnane “is a poor allocator of capital.”
Kanen said in its letter that Murnane has “stabilized the business,” but now the company should find an auto industry executive “with a track record of significant growth and outperformance.”
In Lazydays’ announcement, DeVincenzi said, “As part of the transition, the board intends to conduct a full review of the company’s capital allocation framework.”
Read the full report from Will Feuer at MarketWatch here.
