... they intended to put up nominees at the upcoming annual meeting “to replace certain members of the board” – including chairman, Warren Gfeller – and wanted director Royce Winsten named chairman.As the retail related market continues to reel under the pressures of a weakening economy, more and more pressure is being placed on top executives to perform. The increased pressure is often particularly forceful from large shareholders who find their investment values shrinking. Expect more changes at the firm.
They also said the board has not taken satisfactory steps to improve shareholder value and that the makeup of the board should change in order for shareholders to receive a "reasonable return on their investment."
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Witchita Eagle 3/6
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MSN Money
CNBC
Houston Chronicle
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