Genesco Inc. now has the support of all three independent proxy advisory firms, putting it in good stance to beat an activist’s push for a revamping of the company’s board at this year’s annual shareholders’ meeting on July 21.
Radoff and Jumana Capital Investments said Genesco directors declined to “meaningfully consider” their suggestions to improve shareholder value, after which they pushed for a proxy fight to replace board directors Joanna Barsh and Thurgood Marshall, Jr., on grounds they are over-tenured and unqualified, with their own picks. More from WWD Last week, Genesco received the support of independent advisory firm ISS, advising shareholders to vote for Genesco’s slate for nine directors standing for election. ISS reasoned that the “dissidents have not made a compelling case for change.
On Monday, Genesco said Glass Lewis & Co. and Egan-Jones Proxy Services — two other independent proxy advisory firms — have also determined that shareholders should vote for Genesco’s nine directors on the “White” proxy card. “The support of all three independent proxy advisory firms for Genesco’s director candidates reinforces the qualifications and experience of our Board, and its active oversight of the clear momentum underway as we execute our winning strategy,” Genesco said in a statement. “In their recommendations, each of the proxy advisory firms emphasizes that Bradley Radoff has not made a compelling case for change in his unnecessary proxy fight at Genesco.” Genesco disclosed that Glass Lewis noted in its report that “available materials indicate Genesco has more recently charted a reasonably favorable course under the stewardship of Ms. Vaughn and the board, underpinned, in particular, by an iterative strategic initiative that appears to be driving stronger operational performance, improved investor returns and buoyed guidance.” In addition, the report from Egan-Jones concluded that the “recent trajectory of Genesco’s fundamentals and…