Egan-Jones Proxy Services has joined Institutional Shareholder Services in recommending that Genesco shareholders vote for the company’s director nominees at its July 20 annual meeting.
“We are very pleased that Egan-Jones, like ISS, recommends shareholders vote for our complete slate of directors on the blue proxy card,” said Mimi Vaughn, Board Chair, President and CEO of Genesco, in a statement. “In their reports, ISS and Egan-Jones recognize that the skills and experience of our directors are key to the continued execution of our footwear focused strategy. We encourage shareholders to follow the advice of these leading firms and allow Genesco to build on our strong progress and momentum for the benefit of all shareholders.”
In making their recommendation FOR Genesco’s full slate, Egan-Jones commented:
“[W]e believe that voting FOR the management nominees is in the best interest of the company and its shareholders.”
“We believe there is a compelling reason to elect Genesco’s nominees since the Board and the management [have] maneuvered the company into the right direction given the challenges and uncertainty that the pandemic brought to the retail industry.”
“Not only [has] the company capitalized on its non-core assets, but has managed to drive conversion rates and e-commerce profitability to offset the effects of in store profits.”
“We commend the Board’s initiatives, mindful planning and strategies for value creation through board refreshment to ensure that the Board is comprised of highly qualified, independent and experienced directors to deliver growth and progress in a challenging environment.”
Regarding Legion Partners’ nominees, Egan-Jones stated:
“We believe that Legion’s slate of nominees lack the skills and experience needed to lead the company and make a change in the board room.”
“Contrary to the management’s slate, none of the Legion nominees have the right mix of skills and experience in public companies, retail, footwear and e-commerce. As such, election of the Legion slate could disrupt the progress Genesco is currently into.”
Egan-Jones Proxy Services’ endorsement comes after Legion Partners, the activist shareholder group, received a third party recommendation from Glass Lewis, endorsing the investment firm’s director nominees Dawn H. Robertson and Hobart P. Sichel.
Photo courtesy Journeys