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Charming Shoppes BoD to separate CEO & Chairman duties
07 May '08
3 min read
Offer of Board Representation to Shareholder Group:
Notwithstanding the Committee's rejection of the Company's settlement offer, the Board has reiterated its offer to appoint Mr. Michael C. Appel, one of the Committee's nominees and the only Committee nominee to have received the support of three independent proxy advisory firms, to the Board. The Board seat offered to the Committee would provide it with representation proportional to its current ownership in the Company.
Dorrit J. Bern, Chief Executive Officer, President and Chairman of Charming Shoppes stated, "We are disappointed that the Committee rejected our settlement offer. After having spoken with many of our largest shareholders, we believe our offer to add Mr. Appel, together with Messrs. Bennet and Goldstein, to the Board is aligned with the majority of our shareholders' wishes and interests.
Our settlement offer to the Committee remains in place and we believe it is in the best interests of all Charming Shoppes shareholders to resolve this matter so that we can move ahead with our efforts to improve our operational and financial performance and create shareholder value."
The Company intends to appoint new Board members Bennet and Goldstein promptly following the 2008 Annual Meeting of Shareholders. Following these appointments, Charming Shoppes' Board is expected to be expanded from eight directors to ten directors, nine of whom would be independent.
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Notwithstanding the Committee's rejection of the Company's settlement offer, the Board has reiterated its offer to appoint Mr. Michael C. Appel, one of the Committee's nominees and the only Committee nominee to have received the support of three independent proxy advisory firms, to the Board. The Board seat offered to the Committee would provide it with representation proportional to its current ownership in the Company.
Dorrit J. Bern, Chief Executive Officer, President and Chairman of Charming Shoppes stated, "We are disappointed that the Committee rejected our settlement offer. After having spoken with many of our largest shareholders, we believe our offer to add Mr. Appel, together with Messrs. Bennet and Goldstein, to the Board is aligned with the majority of our shareholders' wishes and interests.
Our settlement offer to the Committee remains in place and we believe it is in the best interests of all Charming Shoppes shareholders to resolve this matter so that we can move ahead with our efforts to improve our operational and financial performance and create shareholder value."
The Company intends to appoint new Board members Bennet and Goldstein promptly following the 2008 Annual Meeting of Shareholders. Following these appointments, Charming Shoppes' Board is expected to be expanded from eight directors to ten directors, nine of whom would be independent.
Click here to view more:
Charming Shoppes Inc
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