Egan-Jones Recommends Genesco Shareholders Vote "FOR ALL" Nine of Genesco's Highly Qualified Directors on BLUE Proxy Card
"We are very pleased that Egan-Jones, like ISS, recommends shareholders vote for our complete slate of directors on the blue proxy card," said
In making their recommendation FOR Genesco's full slate, Egan-Jones commented1:
- "[W]e believe that voting FOR the management nominees is in the best interest of the Company and its shareholders."
- "We believe there is a compelling reason to elect Genesco's nominees since the Board and the management [have] maneuvered the Company into the right direction given the challenges and uncertainty that the pandemic brought to the retail industry."
- "Not only [has] the Company capitalized on its non-core assets, but has managed to drive conversion rates and e-commerce profitability to offset the effects of in store profits."
- "We commend the Board's initiatives, mindful planning and strategies for value creation through board refreshment to ensure that the Board is comprised of highly qualified, independent and experienced directors to deliver growth and progress in a challenging environment."
Regarding Legion Partners' nominees, Egan-Jones stated1:
- "We believe that Legion's slate of nominees lack the skills and experience needed to lead the Company and make a change in the board room."
- "Contrary to the management's slate, none of the Legion nominees have the right mix of skills and experience in public companies, retail, footwear and e-commerce. As such, election of the Legion slate could disrupt the progress Genesco is currently into."
As noted above, today's recommendation from Egan-Jones follows a recent report from leading proxy advisor ISS, which recommended that Genesco shareholders vote "FOR ALL" nine of the Company's director nominees.
Genesco Urges Shareholders to Vote "FOR" its Slate of Highly Qualified
and Experienced Director Nominees
Genesco continues to urge shareholders to protect the value of their investment by voting the BLUE proxy card today "FOR ALL" nine of the Company's highly qualified directors at the Company's Annual Meeting scheduled to be held on
PLEASE VOTE TODAY!
To make sure your vote is processed timely, we are encouraging all
shareholders to vote online or by telephone if possible—
just follow the easy instructions on the enclosed BLUE proxy card.
You may also sign, date and return the enclosed BLUE proxy card.
If you have any questions or need help voting your BLUE proxy card,
please call the firm assisting us with the solicitation of proxies:
1 (877) 825-8772
(toll-free from the
+1 (412) 232-3651
(from other locations)
Please simply discard any White proxy cards
you may receive from Legion, as voting on a White card,
even in protest, will revoke any previous proxy you submitted using
the BLUE proxy card. Only your latest-dated proxy counts.
The Company's proxy statement and other information related to its 2021 Annual Meeting can be found at www.GenescoDrivingValue.com.
This release contains forward-looking statements, including those regarding the performance outlook for the Company and all other statements not addressing solely historical facts or present conditions. Forward- looking statements are usually identified by or are associated with such words as "intend," "expect," "believe," "should," "anticipate," "optimistic" and similar terminology. Actual results could vary materially from the expectations reflected in these statements. A number of factors could cause differences. These include adjustments to projections reflected in forward-looking statements, including those resulting from the effects of COVID-19 on the Company's business, including COVID-19 case spikes in locations in which the Company operates, the roll-out of COVID-19 vaccines and the public's acceptance of the vaccines, additional stores closures due to COVID-19, the timing of the re-opening of our stores, the timing of in-person back-to-work and back-to-school and sales with respect thereto, weakness in store and shopping mall traffic, restrictions on operations imposed by government entities and/or landlords, changes in public safety and health requirements, and limitations on the Company's ability to adequately staff and operate stores. Differences from expectations could also result from stores closures and effects on the business as a result of civil disturbances; the level and timing of promotional activity necessary to maintain inventories at appropriate levels; the imposition of tariffs on product imported by the Company or its vendors as well as the ability and costs to move production of products in response to tariffs; the Company's ability to obtain from suppliers products that are in-demand on a timely basis and effectively manage disruptions in product supply or distribution, including disruptions as a result of COVID-19; unfavorable trends in fuel costs, foreign exchange rates, foreign labor and material costs, and other factors affecting the cost of products; the effects of the British decision to exit the
Important Additional Information and Where to Find It
Genesco has filed a definitive proxy statement (the "Proxy Statement") and accompanying proxy card in connection with the solicitation of proxies for the 2021 annual meeting of Genesco shareholders (the "Annual Meeting"). INVESTORS AND SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ THE PROXY STATEMENT AND ACCOMPANYING PROXY CARD AND OTHER DOCUMENTS FILED WITH THE
Participants in the Solicitation
Genesco, its directors and certain of its executive officers may be deemed to be participants in the solicitation of proxies from Genesco shareholders in connection with the matters to be considered at the Annual Meeting. Information regarding the names of Genesco's directors and executive officers and certain other individuals and their respective interests in Genesco by security holdings or otherwise is set forth in the Annual Report on Form 10-K of Genesco for the fiscal year ended
1 Permission to use quotations neither sought nor obtained from Egan-Jones.
Claire S. McCall firstname.lastname@example.org (615) 308-2483 Or Jared Levy / Danya Al-Qattan, Sard Verbinnen & Co, Genesco-SVC@sardverb.com; Investor Contacts, Tom George, email@example.com, (615) 367-7465 Or David Slater, firstname.lastname@example.org, (615) 367-7604