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Shares of Utah's Skullcandy decline after CFO resigns

The Salt Lake Tribune

Published March 6, 2012 7:21 am
This is an archived article that was published on sltrib.com in 2012, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.
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Shares of Skullcandy, the Park City company that sells fashionable audio accessories, fell about 8 percent in midday trading Tuesday after it announced the resignation of its chief financial officer and general counsel following the market close on Monday.

Skullcandy's shares Tuesday were trading at $13.66, down $1.17 from the previous day's close of $14.83. Its 52-week range has been $11.79 to $23.40 a share.

Mitch Edwards resigned to pursue other opportunities, including charitable and humanitarian activities, the company said.

"Mr. Edwards has played a significant role at the company and was instrumental in the IPO process and our transition to a public company, as well as in closing two important acquisitions. We thank him for his many contributions and wish him the best in his future endeavors," President and CEO Jeremy Andrus said in a statement.

Skullcandy's shares started trading publicly last July.

After Edwards' departure on April 1, Ron Ross, vice president of finance, will become the principal accounting officer until a permanent successor is appointed, the company said.

In a Securities and Exchange Commission filing, the company said it had signed a separation agreement that provides Edwards with six months of his base salary, continued health care coverage for six months, accelerated vesting of stock options and six monthly payments of matching 401(k) contributions.



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