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Quiksilver said today it has filed a notice with the New York Stock Exchange that it is currently out of compliance with the rule that a majority of a company's directors must be independent.
The company is searching for a new independent board member and expects to make an appointment in the next 30 to 60 days to rectify the problem.
Here is the information Quiksilver filed with the SEC about the issue:
"Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
"On October 1, 2009, Quiksilver, Inc. (the "Company") filed with the New York Stock Exchange (the "NYSE") a written affirmation notifying the NYSE that, due to the appointment of two additional directors to the Company's board of directors in connection with the previously announced financing provided to the Company by the Rhone Group, only four of the Company's eight directors have been identified as independent.
"Accordingly, the Company's board of directors does not satisfy Section 303A.01 of the NYSE Listed Company Manual, which requires that the board of directors of a listed company be comprised of a majority of independent directors, each of whom satisfies the independence requirements set forth in Section 303A.02."
"In order to cure the deficiency described in the previous paragraph, the Company intends to appoint a new independent director to the Board. The Company is in the process of evaluating potential candidates and expects to appoint a new independent director within the next 30 to 60 days."