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Genesco Comments on Glass Lewis Recommendation


Benzinga | Jul 8, 2021 06:52AM EDT

Genesco Comments on Glass Lewis Recommendation

"The Glass Lewis recommendation unfortunately ignores the series of decisive changes Genesco's Board has initiated and implemented across the Company to sharpen our focus on our industry-leading footwear platform and the positive results these changes are producing for shareholders," said Mimi Vaughn, Board Chair, President and CEO of Genesco. "Genesco's nine director nominees collectively bring a wealth of leadership experience, financial, strategic and retail expertise, and strong track records of building enduring brands and creating sustainable value for shareholders."

Genesco strongly disagrees with Glass Lewis's conclusion and has serious concerns about Legion's candidates Dawn Robertson and Hobart Sichel, who lack the track records, experience and commitment to serve on Genesco's Board.

* Dawn Robertson has a reputation for short tenures and value destruction at companies -- she has held nine different jobs in 15 years -- and she does not have substantial experience in eCommerce or footwear.

* Hobart Sichel, who has no prior public board experience, was considered as a potential candidate for Genesco's Board in the fall of 2020 and did not move forward given his narrowly focused marketing experience.

The Company does concur with Glass Lewis's comment1 that Legion's case "fixates on peripheral items which seem to offer limited utility" and with the advisory firm's negative view of repeat Legion nominees Marjorie Bowen and Margenett Moore-Roberts. Glass Lewis noted that:

* The reelection of Marjorie Bowen to the Genesco Board would not be expected to yield substantial value.

* Margenett Moore-Roberts's principal experience does not speak to the Board's current needs.

Shareholders are urged to evaluate the Glass Lewis report in the context of last week's analysis by the nation's leading proxy advisor, ISS, which recommended that Genesco shareholders vote "FOR ALL" nine of the Company's director nominees, stating:1

* "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."

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 July 20, 2021. The Company's proxy statement and other important information related to its 2021 Annual Meeting of Shareholders can be found at www.GenescoDrivingValue.com.






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