Daktronics, Inc. (NASDAQ-DAKT), a leading U.S.-based designer and manufacturer of dynamic video communication displays and control systems, has entered into a cooperation agreement with its largest shareholder, Alta Fox Capital Management, LLC. As part of this agreement, Daktronics will appoint Peter Feigin, the president of Milwaukee Bucks Inc. and Fiserv Forum sports arena, as a new independent member of its board of directors. Mr. Feigin brings over 25 years of sales and marketing experience to the board and will immediately join the board’s transformation committee.
Daktronics has also confirmed its commitment to host an investor day in 2025 to provide shareholders with greater insight into the company’s strategy, financial targets, outlook, and capital allocation framework. Additionally, the company will seek input from Alta Fox on its search for a new chief financial officer.
As part of the cooperation agreement, Alta Fox has agreed to withdraw all litigation against Daktronics with prejudice, support the company’s reincorporation to Delaware, and adhere to customary standstill restrictions and voting commitments through the company’s 2027 annual meeting of shareholders.
Reece Kurtenbach, Daktronics Chairman, President, and CEO, stated, “The addition of Peter Feigin to the board will bolster the company’s efforts to drive long-term value. We welcome him and look forward to working together.” Connor Haley, Managing Partner of Alta Fox, added, “It is a win for all of Daktronics’ shareholders and stakeholders to have Peter, a well-known sports and entertainment industry leader, join the company’s board. His appointment positions Daktronics for long-term success.”
Daktronics has confirmed that a copy of the cooperation agreement will be included as an exhibit to the company’s current report on Form 8-K, which will be filed with the U.S. Securities and Exchange Commission.
About Peter Feigin: Currently serves as the president of the Milwaukee Bucks and Fiserv Forum Previously served as the chief marketing and revenue officer of Deluxe Entertainment Services Group and as the president of Marquis Jet Partners Inc. * Worked for the New York Knicks in a variety of roles from 1998 to 2004
About Daktronics: The world’s largest supplier of large-screen video displays, electronic scoreboards, LED text and graphics displays, and related control systems Designs, manufactures, markets, and services display systems for customers around the world in four domestic business units and one international business unit Following these announcements, the company's shares moved -0.9%, and are now trading at a price of $14.47. For the full picture, make sure to review Daktronics's 8-K report.
