Board shift: Chairman steps down at Orchard Supply
William Crowley, chairman of the board of directors of San Jose, Calif.-based Orchard Supply Hardware, resigned as a Class A Director of the company.
The resignation was announced in an Orchard Supply filing with the Securities and Exchange Commission.
On the same day of Crowley's resignation, June 4, board members appointed David I. Bogage as a member of the board as a Class A Director. Bogage has been the company's senior VP human resources since April 2011. From February 2009 to January 2011, Bogage was senior VP talent and organizational development of Scotts Miracle-Gro.
Also on the same day of the resignation and appointment, Orchard Supply was notified by the NASDAQ Stock Market that the company is no longer in compliance with a listing rule that requires a majority of the board to be independent directors. The retail company has at least until the end of October to correct the situation, according to the filing.
Shares of OSH were trading at $2.48 at the close of business Tuesday.
Crowley, a member of the Orchard Supply board since 2005, has close ties to Sears Holdings and is currently the president and COO of ESL Investments, the financial company founded by Sears Holdings Chairman Ed Lampert. Crowley was executive VP of Sears Holdings from September 2005 to January 2011, and held various other executive positions with Sears during that time.
Orchard Supply separated from Sears Holdings in December 2011.