Crown Crafts Strikes Deal on Director Nominations
GONZALES, La.-Crown Crafts has reached an agreement with Wynnefield Partners Small Cap Value, its largest stockholder, on the slate of directors to be nominated at the company's annual stockholders meeting.
Under the terms of the agreement, Patricia Stensrud, founder of Hudson River Partners, a financial firm, will be included on the company's slate of nominees for election as a Class III director. Also on the slate is current director Donald Ratajczak, former chairman and CEO of financial firm Brainworks Ventures. Joseph Kling, president and CEO of consulting company MLJ and a current director, will not be renominated to the board.
Also as part of the agreement, Wynnefield Partners will discontinue its proxy solicitation in connection with the annual meeting. The company will also vote its shares in favor of Crown Crafts' nominees.
The annual stockholders meeting is scheduled for Aug. 9. E. Randall Chestnut, Crown Crafts' president and CEO, said the agreement avoids another "costly and distracting proxy fight" between the company and Wynnefield Partners. According to previous Crown Crafts statements, Wynnefield Partners initiated a proxy fight in 2007, threatened another one in 2008 and launched a third one last year, all over director nominees.