Ethan Allen significant shareholder Doug Bergeron, with beneficial ownership of approximately 5.2% of Ethan Allen's outstanding common stock, announced that independent proxy advisory firm Egan-Jones has recommended that Ethan Allen shareholders vote on the white universal proxy card "for" all five of his director nominees to the Board of Directors at the company's 2026 Annual Meeting of Stockholders on November 4. Egan-Jones recommended that shareholders "withhold" votes from all five incumbent directors, including CEO M. Farooq Kathwari. Bergeron commented, "...Our case rests on two decades of deteriorating performance under the same Chairman and CEO, despite repeated assurances to the contrary by the Board and management. Egan-Jones has now independently confirmed that the Board's promises of growth have not been met, and that the incumbent directors should not be entrusted with selecting the company's next leader..." In commenting on Ethan Allen's financial performance and the incumbent Board's record, Egan-Jones stated: "Despite its strong balance sheet, revenue has declined for years, falling revenue is driving falling earnings, and falling earnings are shrinking the cash balance. That path is not sustainable, and the Board has managed the business for cash rather than for growth...we found little evidence that the current strategy is working...Taken together, these answers point to a problem of execution rather than market conditions...The DGB slate is highly qualified and was built to fill the exact gaps the incumbent Board lacks: modern retail, home furnishings, digital commerce, and brand revitalization... "

10/19 11:00

Ethan Allen Urges Shareholders to Support Director Nominees

Ethan Allen Interiors outlined five key reasons to vote "FOR" the Company's director nominees on the BLUE proxy card in a mailing to shareholders. The company said, in part, "In today's mailing, Ethan Allen highlights the following: Foundation built for profitable, sustainable growth while preserving financial strength; Strength of the vertically integrated business built on more than 500 interior designers, Company-owned North American manufacturing; and white-glove national logistics; Operating as one debt-free system, with strong margins, cash flow and robust balance sheet. DGB's attempt to separate share-price appreciation from dividends does not change total shareholder return: dividends are cash returns actually received by shareholders. Capital returns have not prevented Ethan Allen from funding growth; the Company remains debt-free and continues to invest in marketing, digital, product and design centers. The Company has substantially repositioned its design centers and logistics footprint, nearly doubled its product assortment, resumed new design center expansion and delivered record close rates and higher average order values. The operating platform is materially different from 2015. Recent revenue pressure reflects lower State Department, China and dealer sales as well as softer core retail traffic, orders and delivered volume. The growth strategy is designed to increase productivity across the existing network and add new design centers selectively - it does not depend on new stores alone. The Board is also leading a search with a nationally recognized firm, evaluating internal and external candidates, and has committed to publicly announcing the next CEO no later than June 30, 2027. Shareholders are best served by supporting the Company's nominees over DGB's candidates based on the following five key matters: DGB is not offering shareholders a unique path to leadership change; it is asking them to transfer an active CEO search to a wholly new Board."

10/13 09:00

Doug Bergeron Proposes Reconstitution of Ethan Allen Board

Doug Bergeron, a significant shareholder of Ethan Allen Interiors with beneficial ownership of approximately 5.2% of Ethan Allen's stock, released a presentation detailing why the Company's Board of Directors must be reconstituted and how, if elected, his five highly qualified director nominees would responsibly transition leadership and execute a focused plan to restore growth, accountability, and shareholder value at the Company. Highlights of the presentation include: "Ethan Allen is an iconic American brand... Yet despite continued promises of growth by the Board and management, since fiscal year 2006, the Company is down materially across nearly every discernible metric... After 38 years under the same Chairman and CEO Farooq Kathwari, Mr. Bergeron believes the Board chose acquiescence over accountability, repeatedly extending Mr. Kathwari's tenure and lowering performance hurdles... A formal CEO search and transition timetable became public on September 21, 2026, only after Mr. Bergeron and his director candidates launched their own independent CEO search on September 10, 2026... Doug Bergeron, Anna Brockway, Kristine Miller, Steve Oblak, and Stefanie Tsen Ward bring complementary experience across home furnishings, modern retail, brand, digital, merchandising, manufacturing, growth, capital allocation, transformation, and governance... Underpinning the plan is a clear first 100 days, beginning with the appointment of an experienced interim CEO and a strategic reset led by the highly engaged Board. Over that period, the Board will validate the key assumptions and economics underlying the Company's strategic direction, prioritize the capabilities required for execution, and finalize detailed operating and investment initiatives, culminating in the establishment of a new direction, funded priorities, and accountable owners."

10/12 06:30

Ethan Allen Board Urges Shareholders to Support Nominees

Ethan Allen Interiors shared a letter from the company's Board of Directors to all shareholders in connection with the company's Annual Meeting of Stockholders, scheduled to be held at 11:00 A.M. Eastern Standard Time on November 4, 2026. Shareholders of record as of the close of business on September 11, 2026, are entitled to vote at the Annual Meeting. The company's Board is sending shareholders the letter below, which highlights the following key points: DGB seeks control of the Company with promises of tripling shareholder value but has not presented an operating plan or a capital allocation strategy to substantiate its claims of growth. Ethan Allen has not shut its "digital front door" but has rather deployed online designer appointments, live chat, 3D floor planning and other digital tools that help clients connect with the Company's personalized design services. Ethan Allen's independent directors are currently working with a nationally recognized search firm on a CEO transition. Changing the Board now would transfer oversight of both the business and the CEO search to five newcomers during an active leadership transition, creating unnecessary execution risk. DGB says its nominees have been "held accountable for results." Shareholders should scrutinize the adverse results documented in the letter during selected periods of nominee service: declining revenue at Grove, declining shareholder returns at Cable One, both at Wayfair, and a restatement and SEC action at VeriFone. Ethan Allen is a debt-free, vertically integrated manufacturer-retailer, and its nominees bring the directly relevant skills: global operations, manufacturing, design-center real estate, brand and digital marketing, finance, and governance. DGB has not demonstrated comparable experience overseeing the full complexity of Ethan Allen's vertically integrated operating model. It is critical that Ethan Allen Shareholders vote "FOR" the company's five highly qualified nominees and vote "WITHHOLD" on DGB's nominees on the BLUE proxy card.

9/24 07:30

Ethan Allen Files Definitive Proxy Statement for Annual Meeting

Ethan Allen Interiors announced the filing of its definitive proxy statement with the U.S. Securities and Exchange Commission in connection with the Company's Annual Meeting of Stockholders. In conjunction with the filing and related mailing of proxy materials, the Company's Board of Directors is sending shareholders the letter below, highlighting the following key points: Ethan Allen's vertically integrated, designer-led business model reflects a deliberate strategic plan that has produced a consolidated gross margin above 59% for five consecutive fiscal years, a debt-free balance sheet, and $768 million in cash dividends paid to shareholders since going public... Leveraging its strong operating margins and profitability, the Company has undertaken a significant repositioning to strengthen its platform for long-term sustainable growth. Ethan Allen has invested in product visualization and room planning technology designed to enhance the client experience and support a more efficient retail footprint. As part of this transition, the Company refreshed and right-sized over 100 design centers and sold additional floor samples, which affected manufacturing productivity and margins during the transition.... Ethan Allen's recent and planned increases in marketing spend, including paid search and paid social, are designed to strengthen brand awareness and connect online engagement with in-person design services. The Board is advancing its ongoing formal CEO succession process led by the Board's Corporate Governance, Nominations and Sustainability Committee, which is comprised of every independent director... DGB Investment, a 5.2% shareholder, is seeking to take control of the Company by replacing the entire Board and the CEO without a detailed operating plan... It is critical that Ethan Allen shareholders vote "FOR" the Company's five highly qualified director nominees and vote "WITHHOLD" on DGB's nominees on the BLUE proxy card.

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