Leading Independent Proxy Advisory Firm ISS Recommends Genesco Shareholders Vote "For All" Nine Of Genesco's Highly Qualified Directors On Blue Proxy Card
"We are gratified that after a comprehensive review and analysis, ISS recommended that shareholders vote "FOR ALL" of Genesco's highly qualified directors for reelection at our upcoming Annual Meeting," said
In making its recommendation that shareholders vote on the Company's BLUE proxy card "FOR ALL" NINE of Genesco's highly qualified directors, ISS commented1:
- "In light of GCO's recent board and management changes, and given that Legion's nominees do not appear demonstrably superior to the directors whom they would replace, shareholders are advised to support the board's nominees at this annual meeting."
- "…all four recently appointed members of the board appear to be appropriate additions, and the dissident's critique of interconnections among GCO board members is creative but unconvincing."
- "...the immediate removal of the four longest-tenured directors standing for re-election does not appear necessary..."
- "The dissident's 'cover the waterfront' strategy lacks focus, and may present difficulties of digestion for shareholders…"
ISS also highlighted that Legion's nominees lack the relevant skills necessary to serve on Genesco's Board, noting1:
Marjorie Bowen] provided very limited details about what she would like to accomplish in her second term on the board."
- "The company's concerns regarding [
Dawn Robertson's] short-lived tenure at many companies seems valid and based on fact rather than opinion."
Hobart Sichel] lacks public Board experience (which in this particular situation would seem essential, especially for a single dissident director), and the board has already considered him on their own volition and decided against advancing his candidacy."
- "[Margenett Moore-Roberts] lacks public Board experience" and her skills of building an inclusive customer base and work force "do not appear to be among the company's most urgent needs."
- "The potential contribution of Legion's nominees to the board would therefore appear to be limited."
Genesco Urges Shareholders to Vote "FOR" its Full 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.
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 ISS and emphasis added by Genesco.
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Claire S. McCall, email@example.com, (615) 308-2483 Or Jared Levy / Danya Al-Qattan, Sard Verbinnen & Co, Genesco-SVC@sardverb.com; Investor Contacts: Tom George, firstname.lastname@example.org, (615) 367-7465 Or David Slater, email@example.com, (615) 367-7604