Genesco, Inc., the parent of Journeys, Schuh, and Johnston & Murphy, scored a victory against an activist investor ahead of its annual meeting as proxy advisory firm Institutional Shareholder Services (ISS) recommended shareholders vote for all nine of Genesco’s Board nominees over the activist group’s proposed replacements. 

On June 29, the Radoff-Jumana Group, which owns approximately 9.1 percent of Genesco’s shares, issued a statement urging Genesco shareholders to vote against directors Thurgood Marshall, Jr. and Joanna Barsh, who have served on Genesco’s board for 13 and 14 years, respectively. The group proposes replacing them with Westervelt T. Ballard, Jr., a former public company CEO, and Paula J. Poskon, an experienced public company director. 

The Radoff-Jumana Group, led by Houston, TX-based private investor Bradley Radoff and Christopher Martin of Jumana Capital Investments LLC, cited total shareholder returns of negative 53.4 percent during Marshall’s tenure since 2012 and negative 50.2 percent during Barsh’s tenure since 2013. The group also noted that Genesco has faced three activist campaigns in eight years and criticized the board’s recent hiring of a chief financial officer from America’s Car-Mart, Inc., a microcap company whose share price declined 95.07 percent during the CFO’s tenure there. 

Finally, the Radoff-Jumana Group heavily criticized the board for allowing Mimi Vaughn to simultaneously hold four major roles (board chair, president, CEO, and interim CFO) arguing it creates “zero accountability.” 

Radoff-Jumana Group said in a follow-up press release issued July 6, “Given the Board’s latest manipulation of the facts, we once again call for Ms. Vaughn to be stripped of the Chair role. It is clear to us that there is zero accountability in the boardroom so long as Ms. Vaughn is calling the shots. In fact, the Board should promote Andrew Gray to CEO if Ms. Vaughn continues to waste shareholder resources in an attempt to mislead investors and maintain her grip on the company – he is effectively already running the business as CEO of the profitable Journeys segment. 

“We also urge the company to conduct a Dutch tender offer for 1 million shares. The company has excess cash, in our view, following its receipt of a $58.7 million tax refund and anticipated $23-$25 million tariff refund.1 With excess real estate, inventory and overhead costs, we demand all excess cash be returned to shareholders at the soonest possible opportunity.” 

The activist criticism comes despite Genesco’s recent healthy performance, with the stock closing Wednesday, July 8, at $32.77, up from $24.77 at the start of the year. 

In proxy materials ahead of its annual meeting, Genesco noted that it has “delivered seven consecutive quarters of comparable sales growth, including gains of 10 percent and 9 percent in the last two key holiday fourth quarters. The company, which also owns Johnson & Murphy and the UK-based Schuh footwear chain, also noted that it achieved 26 percent and 61 percent in adjusted operating income and adjusted EPS growth rate, respectively, over the last two years with the help of a Footwear First strategy.”  Management further noted that the flagship Journeys chain has experienced a turnaround in the last two years with the benefit of more premium assortments and better brand access. 

On July 7, Genesco issued a press release reporting that “Institutional Shareholder Services (ISS), a major independent proxy advisory firm, recommended that shareholders vote for all nine of the company’s directors in connection with its upcoming annual meetng, which is scheduled to be held on July 21.” 

In its current report dated July 6, 2026, ISS stated “the dissidents have not made a compelling case for change. As such, support for all management nominees on the management (WHITE) card is warranted. Shareholders are also recommended to withhold votes from the dissidents’ nominees, Ballard and Poskon.” 

Genesco noted that the ISS report also stated: 

  • “A closer look at the company shows an enterprise that has posted peer-beating TSR [total shareholder return] and a steady but still below-peak improvement in operating performance, and that possesses a generally shareholder-friendly corporate governance regime.” 
  • “In the one-, three-, and five-year periods ending on the unaffected date, and since the announcement of the CEO’s appointment (Nov. 4, 2019) through the same date, the company’s TSR exceeded its peer median. When the above four measured periods are extended through June 30, 2026, the above observation also holds true.” 

Genesco said in the release, “We are pleased that ISS recognizes that there is no need for the proxy contest that was launched by Bradley Radoff and recommends that Genesco shareholders vote “FOR” all nine of Genesco’s directors on the WHITE proxy card. Under the oversight of the company’s highly qualified directors, our management team is successfully transforming the business and is executing a strategy that is working and delivering strong results. We continue to believe Mr. Radoff’s unnecessary campaign and director nominees present significant risk to the momentum we have underway. We appreciate ISS highlighting our progress and outperformance compared to Genesco’s peers and we are confident we are on the right path to continue driving value for all shareholders.” 

Image courtesy Genesco, Inc.