NPA Agrees To Drop Complaint Of 'Shadow Board' Plot To Oust Fabricant
This article was originally published in The Rose Sheet
NPA reaches a settlement to its complaint alleging current and former board members plotted to oust CEO Daniel Fabricant. The trade group remains embroiled in a wrongful dismissal complaint filed by former CFO Brent Weickert.
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NPA's amended complaint includes a purported email trail showing the self-professed "shadow board" plotted to remove CEO Daniel Fabricant. In a motion to dismiss, board members argue that while NPA alleges "a breach of fiduciary duty … they satisfied, rather than violated, their fiduciary duties."
The complaint filed in federal court in Washington alleges a "long-planned surprise attack" as part of an attempt by representatives of the retail sector on the NPA board and by former chief financial officer Brent Weickert to discredit the trade group's executive director and CEO, Daniel Fabricant.