Genesco Inc., which is facing a proxy fight against an activist investor, sent a letter to shareholders highlighting the “collective strength” of its Board of Directors and encouraging shareholders to vote for all nine of its board nominees.
In a statement, Genesco said its board “has been significantly refreshed and comprises the right mix of skills and experience to advance Genesco’s footwear-focused strategy, deliver long-term value to shareholders, and position the company for sustainable growth.
“Genesco urges shareholders to protect the value of their investment by voting the BLUE proxy card today “FOR” all nine of the Company’s highly qualified directors. The Company’s Annual Meeting of Shareholders is scheduled to be held on July 20, 2021. Shareholders of record as of the close of business on June 28, 2021, will be entitled to vote at the meeting.”
The letter can be viewed here.
In early May, Genesco elected three new board members to its board, including former Deckers Brands Chief Executive Officer Angel Martinez, Valvoline Inc. executive Mary Meixelsperger and Greg Sandfort, the former CEO of Tractor Supply. Current directors Kathleen Mason and Marty Dickens will retire after the company’s annual general meeting, it said in a statement.
That led to Legion Partners Asset Management, the activist shareholder group that owns nearly 6 percent of the company, to target four seats on the board of the footwear retailer, down from targeting seven directors initially. Legion Partners is seeking control of the board to force the specialty retailer to improve its performance by selling non-core assets, increasing margins and buying back shares.
On June 14, Legion Partners issued an open letter to shareholders regarding the company’s “misaligned executive compensation structure.”
Photo courtesy Genesco
