Joins ISS in Recognizing the Need for Board Change at
Egan-Jones Recommends Shareholders Vote “FOR”
Egan-Jones concluded: “We see very little downside and a lot of upsides in putting the Trian Nominees on the Board.” Among the reasons Egan-Jones cited for the need for change at
- “The apparent lack of a … long-term succession plan.”
- “A Board that appears cutoff and unwilling to engage with investors and the broader market.”
- “A business model, we believe to be built for the last decade, but not forward looking and flexible enough to ensure success in the next.”
- “A desire to protect the status quo for as long as possible and at all costs.”
- “Mediocre financial performance and the resultant lower valuation.”
Similarly, ISS concluded that “incremental change is needed at the company due to multi-year underperformance [relative to] the company's peers and chosen benchmark, operational challenges, and most critically, a repeated failure on the part of the board to oversee the cultivation of a successor…”
In supporting the election of
Nelson Peltz is “well positioned to provide the catalyst that this board apparently needs to improve its effectiveness.”
- "Dissident nominee Peltz, as a significant shareholder, could be additive to the succession process, providing assurance to other investors that the board is properly engaged this time around. He could also help evaluate future capital allocation decisions."
- "Moreover, multi-year concerns surrounding Lagomasino's role as a compensation committee member strengthen the case that Peltz's addition, on balance, would appear a net positive."
To ensure the election of
For more information, including voting instructions, visit our website: www.RestoreTheMagic.com.
About
Founded in 2005,
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