Preliminary Results Indicate All Three of Starboard Value's Nominees Elected to Regis Board at Today's Annual Meeting
NEW YORK, Oct. 27, 2011 /PRNewswire/ -- Starboard Value LP (together with its affiliates, "Starboard"), one of the largest shareholders of Regis Corporation ("Regis" or the "Company") (NYSE: RGS), announced that, based on preliminary results from today's Annual Meeting, the shareholders of Regis have elected all three of Starboard's director nominees, James P. Fogarty, Jeffrey C. Smith and David P. Williams, to the Regis Board of Directors. The results are expected to be certified in the coming days.
Jeffrey C. Smith, Managing Member, Chief Executive Officer and Chief Investment Officer of Starboard Value, stated upon learning of the preliminary results, "We appreciate the overwhelming support from Regis' shareholders for all three of our nominees. This is a true victory for the future of Regis. We fully understand the mandate to work with the Board and management to enhance value for the benefit of all shareholders. We have already begun planning with management and the new Board and are excited to work hard to improve the fundamental value of Regis."
Starboard's nominees elected to the Regis Board include:
James P. Fogarty is the former President and Chief Executive Officer of Charming Shoppes, Inc., a multi-brand, specialty apparel retailer. Previously, Mr. Fogarty was a Managing Director of Alvarez & Marsal ("A&M"), an independent global professional services firm. During his tenure at A&M, Mr. Fogarty most recently served as President and Chief Operating Officer of Lehman Brothers Holdings (subsequent to its Chapter 11 bankruptcy filing). Mr. Fogarty is also the former President and Chief Executive Officer of American Italian Pasta Company, the largest producer of dry pasta in North America, the former Chief Financial Officer of Levi Strauss & Co., and the former Chief Financial Officer of The Warnaco Group. We believe that the Board would benefit from Mr. Fogarty's operational and turnaround experience, including as a President, CEO, COO, CFO, and director of public and private companies, particularly in exploring the strategic alternatives discussed above.
Jeffrey C. Smith is a Managing Member, Chief Executive Officer and Chief Investment Officer of Starboard Value LP. As Chief Investment Officer of Starboard Value, he has significant experience evaluating companies from a financial, operational, and strategic perspective to identify inefficiencies and the resulting opportunities for value creation. Mr. Smith also has extensive public board experience and currently serves on the Board of Directors of Surmodics, Inc., a leading provider of drug delivery and surface modification technologies to the healthcare industry. Additionally, Mr. Smith's experience in a variety of industries together with his management experience in a variety of roles enable Mr. Smith to provide the Company with valuable financial and executive insights. We believe that the Board will benefit greatly by having a representative of a significant shareholder serve on the Board.
David P. Williams is an Executive Vice President and the Chief Financial Officer of Chemed Company, a provider, through its subsidiaries, of hospice care, and repair and maintenance services. Chemed is a public company with a $1.2 billion market capitalization and over $1.3 billion in annual sales. Roto-Rooter is a subsidiary of Chemed that has a business model very similar to Regis. Both companies operate a distributed network of locations that provide retail services. In addition, both companies operate in markets that are dominated by "mom-and-pop" competitors. Mr. Williams' depth of experience in various senior executive roles of public and private companies and his significant accounting and financial expertise will enable him to assist in the effective oversight of the Company and will be of great value to the Board.
Peter Feld, (212) 201-4878
Tom Cusack, (212) 201-4814
Bruce H. Goldfarb / Patrick McHugh / Geoff Sorbello
SOURCE Starboard Value LP