Crown Crafts Strikes Deal on Director Nominations
July 15, 2011,
GONZALES, La.-Crown Crafts has reached an agreement with Wynnefield Partners Small Cap Value, its largest stockholder, on the slate of directors to be nominated at the company's annual stockholders meeting.
Under the terms of the agreement, Patricia Stensrud, founder of Hudson River Partners, a financial firm, will be included on the company's slate of nominees for election as a Class III director. Also on the slate is current director Donald Ratajczak, former chairman and CEO of financial firm Brainworks Ventures. Joseph Kling, president and CEO of consulting company MLJ and a current director, will not be renominated to the board.
The annual stockholders meeting is scheduled for Aug. 9. E. Randall Chestnut, Crown Crafts' president and CEO, said the agreement avoids another "costly and distracting proxy fight" between the company and Wynnefield Partners. According to previous Crown Crafts statements, Wynnefield Partners initiated a proxy fight in 2007, threatened another one in 2008 and launched a third one last year, all over director nominees.
Other Articles By Author
HFN Launches Interactive Idea Book
HFN's DIGITAL EDITION
COVER STORY: HFN Turns 90
We commemorate HFN's 90th anniversary by paying tribute to the iconic retailer and supplier brands--and the people--that have helped the industry flourish, then and now.
ALSO IN THIS ISSUE:
- Omnichannel Retailing - In the Mobile App World, Time is Money