07 Nov Tim Boyle To Serve As Acting Chairman Of Columbia Sportswear
Columbia Sportswear Company announced that, in accordance with prior actions by the company’s board of directors, President and CEO Timothy P. Boyle will serve as acting chairman of the board following the passing of Gertrude Boyle. The board intends to consider and take action regarding the formal appointment of a new chairman of the board at its next regularly scheduled board meeting in January 2020.
In addition to her leadership role within the company, Gertrude Boyle held a substantial number of shares of the company’s common stock. As of April 1, 2019, Gertrude Boyle held 9.4 million shares of the company’s common stock, representing approximately 14 percent of the total shares outstanding. It is anticipated that the executor of Gertrude Boyle’s estate will be Sarah A. Bany, a longtime member of the board and the sister of Timothy P. Boyle. The company understands that Gertrude Boyle’s estate plans call for the disposition of assets (which may include shares of the company’s common stock) primarily to charitable foundations founded by family members, as well as directly to family members. The company further understands that under current tax law, family charitable foundations receiving shares of the company’s common stock would have up to five years to sell those shares, subject to any extensions. The company intends to work with the parties to ensure the orderly transition of share ownership over the coming years.