On May 26, 2015, Legion Partners Holdings, LLC and the California State Teachers' Retirement System announced the withdrawal of their slate of director nominees for election to the Board and their proposal to appoint an independent chairman at the Company's upcoming 2015 annual meeting of shareholders of Perry Ellis International, Inc. citing the recent steps taken by the Board of Directors to address shareholder concerns. They added that they were pleased with Perry Ellis' decision to nominate Bruce J. Klatsky and Michael W. Rayden to the Board to replace two long-serving incumbent directors. In addition, they stated that CalSTRS' proposal to declassify the Board will continue to be presented for a vote at the annual meeting.