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CHRS reaches agreement with Crescendo Partners & Myca Partners
09 May '08
3 min read
Speaking on behalf of the Committee, Eric Rosenfeld, President and CEO of Crescendo Partners, stated, "We are happy to have reached an amicable resolution which we believe is in the best interests of all shareholders. Our nominees, Arnaud Ajdler and Michael Appel, look forward to working diligently and constructively with the other members of the Board to maximize shareholder value. This agreement would not have been possible without the tremendous support we received from the Company's shareholders."
In addition, the Company will present a proposal to eliminate its classified Board structure, subject to shareholder approval, at the 2008 Annual Meeting. If this proposal is approved by shareholders, the Company intends for all directors to stand for election to one-year terms beginning at the 2009 Annual Meeting of Shareholders.
Further, as previously announced, the Company's Board of Directors has voted to separate the duties of Chairman of the Board and Chief Executive Officer. Following the Company's 2008 Annual Meeting, the Board will appoint an independent non-executive Board member as Chairman.
As a result of the agreement, the Company adjourned its 2008 Annual Meeting until Thursday, June 26, 2008 at 10:00 a.m. (Eastern Time) to be held at the Company's headquarters located at 450 Winks Lane, Bensalem, PA 19020.
The Company intends to promptly revise its definitive proxy materials and resubmit them to the Securities and Exchange Commission (SEC). Following the SEC's review, the Company will mail the revised definitive proxy materials to all shareholders. Shareholders of record as of March 28, 2008 will continue to be entitled to vote at and attend the Annual Meeting.
Additional information relating to the agreement with the Committee will be contained in a Form 8-K to be filed by the Company.
In addition, the Company will present a proposal to eliminate its classified Board structure, subject to shareholder approval, at the 2008 Annual Meeting. If this proposal is approved by shareholders, the Company intends for all directors to stand for election to one-year terms beginning at the 2009 Annual Meeting of Shareholders.
Further, as previously announced, the Company's Board of Directors has voted to separate the duties of Chairman of the Board and Chief Executive Officer. Following the Company's 2008 Annual Meeting, the Board will appoint an independent non-executive Board member as Chairman.
As a result of the agreement, the Company adjourned its 2008 Annual Meeting until Thursday, June 26, 2008 at 10:00 a.m. (Eastern Time) to be held at the Company's headquarters located at 450 Winks Lane, Bensalem, PA 19020.
The Company intends to promptly revise its definitive proxy materials and resubmit them to the Securities and Exchange Commission (SEC). Following the SEC's review, the Company will mail the revised definitive proxy materials to all shareholders. Shareholders of record as of March 28, 2008 will continue to be entitled to vote at and attend the Annual Meeting.
Additional information relating to the agreement with the Committee will be contained in a Form 8-K to be filed by the Company.
Charming Shoppes Inc
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