Leading Independent Proxy Advisory Firm Concludes Change is Warranted and Supports the Addition of Highly-Qualified, Independent Director Candidates to Genesco’s Board
Glass Lewis Endorses Nominees Dawn H. Robertson and Hobart P. Sichel, Who Have Significant Retail Sector Operations and Turnaround Experience
Glass Lewis Scrutinizes Long-Tenured Directors – Including Matthew C. Diamond – While Highlighting That, “Genesco's Performance and Returns Have Been Profoundly Substandard by Almost Any Benchmark Over Almost Any Period”
Legion Partners Urges Fellow Shareholders to Vote on the WHITE Proxy Card to Elect its Full Slate, Which Possesses the Expertise, Impartiality and Vision Lacking in Genesco’s Boardroom
LOS ANGELES--(BUSINESS WIRE)-- Legion Partners Asset Management, LLC (together with its affiliates, “Legion Partners” or “we”), which collectively with the other participants in its solicitation beneficially owns approximately 5.9% of the outstanding common shares of Genesco, Inc. (NYSE: GCO) (“Genesco” or the “Company”), today announced that leading independent proxy advisory firm, Glass, Lewis & Co., LLC (“Glass Lewis”), has recommended the Company’s shareholders vote for boardroom change on the WHITE proxy card. In particular, Glass Lewis has endorsed nominees Dawn H. Robertson and Hobart P. Sichel for election to Genesco’s Board of Directors (the “Board”) at the upcoming Annual Meeting of Shareholders (the “Annual Meeting”) on July 20, 2021. Learn about how to vote on Legion Partners’ WHITE proxy card by visiting www.GCOForward.com.
Chris Kiper and Ted White, Legion Partners’ Managing Directors, commented:
“Legion Partners is pleased that Glass Lewis is acknowledging Genesco’s many years of underperformance and recommending the Company’s shareholders vote for sorely-needed boardroom change on the WHITE proxy card. We agree with Glass Lewis’ critique of Genesco’s long-tenured directors, including 20-year director Matthew C. Diamond. We also agree with the manner in which Glass Lewis has critiqued Genesco’s poor corporate governance, underwhelming financial results and weak valuation. By recommending that shareholders vote to elect Ms. Robertson and Mr. Sichel, Glass Lewis is endorsing two proven retail experts with significant experience turning around struggling retailers. We believe shareholders should go a step further to protect their investment by electing all four members of the Legion Partners’ slate.”
In making its recommendation that shareholders vote on the WHITEproxy card, Glass Lewis noted Genesco’s concerning governance, while affirming Legion Partners’ case for change: 1
In its report, Glass Lewis also highlighted Genesco’s serial financial underperformance and weak operational execution by noting:
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Please visit www.GCOForward.com to view important materials.
If you have any needs or require assistance as you consider how to vote, please contact Legion Partners’ proxy solicitor Kingsdale Advisors at GCO@kingsdaleadvisors.com.
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About Legion Partners
Legion Partners is a value-oriented investment manager based in Los Angeles, with a satellite office in Sacramento, California. Legion Partners seeks to invest in high-quality businesses that are temporarily trading at a discount, utilizing deep fundamental research and long-term shareholder engagement. Legion Partners manages a concentrated portfolio of North American small-cap equities on behalf of some of the world’s largest institutional and high-net-worth investors. Learn more at www.LegionPartners.com.
1 Permission to quote Glass Lewis neither sought nor obtained; emphasis added.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210708005458/en/
For Investors: Kingsdale AdvisorsMichael Fein / Lydia Mulyk, 646-651-1640 mfein@kingsdaleadvisors.com / lmulyk@kingsdaleadvisors.com For Media: MKA Greg Marose / Charlotte Kiaie, 646-386-0091 gmarose@mkacomms.com / ckiaie@mkacomms.com
Source: Legion Partners Asset Management, LLC