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VANCOUVER, Wash. (AP) -- Nautilus Inc. confirmed on Monday that all four nominees of Sherborne Investors LP were elected to the fitness company's board and announced that one of the new directors was named chairman. Effective immediately, Edward Bramson, Gerard Eastman, Michael Stein and Richard Horn will join incumbent directors Robert Falcone, Ronald Badie and Marvin Siegert on the board. Bramson was elected as chairman at a board meeting on Monday. Falcone, who previously served as chairman, will continue to serve as president and chief executive. Sherborne had proposed that the company separate the positions of chairman and CEO. Sherborne, which represents a 25 percent Nautilus stake, had said it is dissatisfied with the financial performance of the struggling company and management's turnaround plan. The new directors were elected at a special meeting of shareholders on Dec. 18. Nautilus shares dropped 24 cents, or 4.7 percent, to $4.85 in afternoon trading. During the past 52 weeks, the stock has fallen from a high of $18.63 in February to a low of $4.31 in November.
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