Oshkosh B'Gosh Inc. (Oshkosh, Wis.) announced that it has retained financial advisor Goldman, Sachs & Co. to explore strategic alternatives for the company, including a possible sale. The marketer of children's apparel and accessories said it is taking this step “to maximize shareholder value.”
As part of that process, Oshkosh announced that two of its executives — president and coo David Omachinsk and vp Paul Lowry — have resigned from the company's board, and that the size of the board has been reduced from nine to seven members. The two left the board to ensure that Oshkosh has a majority of outside, independent directors. Omachinsk and Lowry will continue in their executive roles with the company.
“Our board believes that their primary responsibility is to maximize shareholder value and, to this end, it is in our best interest to evaluate strategic alternatives at this time,” says Douglas Hyde, chairman and ceo. “Further, we believe it is important that if or when a transaction or other strategic alternative is contemplated we have a majority of outside, independent directors reviewing and approving options on behalf of all of our shareholders.”