Benzinga | Dec 28, 2020 08:05AM EST

Enzo Biochem Issues Response Related To ISS View Of Compensation For Chair, CEO

Enzo Biochem, Inc. (NYSE:ENZ) ("Enzo" or "The Company"), a leading biosciences and diagnostics company, announced today that it has reviewed the position of Institutional Shareholder Services ("ISS") regarding the Company's executive compensation approach for the fiscal year ended July 31, 2020. To acknowledge and address the issues within the ISS report, Dr. Elazar Rabbani, the Company's Chairperson and CEO, has requested the Compensation Committee of the Company's Board of Directors not to pay his previously announced bonus in cash. In lieu thereof, he has requested such bonus be paid in common stock of Enzo based on the closing price of the Company's shares on the date of issuance. Mr. Barry Weiner, the Company's President, followed Dr. Rabbani's lead and made a similar request of the Compensation Committee. The Company stated the Compensation Committee has agreed to such requests and that Dr. Rabbani and Mr. Weiner have agreed to hold the common stock paid as bonus for at least three years post issuance.

In addition, the Company's Compensation Committee will be reconstituted after next week's Annual Shareholders meeting to include the newly elected directors. They will serve as a majority of the Compensation Committee along with Rebecca Fischer. Drs. Mary Tagliaferri and Ian Walters have agreed that, if elected by the shareholders, either of them would be willing to serve as Chair of said Committee. The Company remains committed to ongoing shareholder engagement to further demonstrate its efforts to affirmatively respond to shareholder feedback.