The Company reported that Larry Kramer, Chairman and Interim CEO, was reelected to a three year term and received over 85% of the votes cast, with over 70% of the Company's shares represented at the meeting. The company's shareholders also ratified the appointment of BDO USA, LLP as the company's independent registered public accounting firm and approved the compensation of the company's executive officers as described in the 2016 proxy statement.
"We appreciate the support of our shareholders today and believe that it confirms that an overwhelming majority of our shareholders support the strategic transformation underway," said Chairman and Interim CEO, Larry Kramer. "We are excited about the changes we have made in the first half of the year as we look to enhance our products and services and position the Company for long-term growth. Our Board remains focused on acting in the best interests of all shareholders to execute on our strategic plans and we look forward to providing further updates in the second half of the year as our business transformation process continues."
As previously noted publicly, the Company has launched a search process to add a new independent director to the Board. The Company's Nominating and Corporate Governance Committee is currently evaluating two candidates put forth by shareholders, and will carefully consider the input of all shareholders as the nomination process moves forward. As noted earlier today, Dave Callaway, the Company's newly appointed Chief Executive Officer, will also join the Board in July.
The complete results will be reported in a Current Report on Form 8-K to be filed with the Securities and Exchange Commission.
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Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding results of the 2016 annual meeting, management and board of directors' succession matters and planned investments in our business. Such forward-looking statements are subject to risks and uncertainties, including those described in the Company's filings with the Securities and Exchange Commission that could cause future actions, events, results or performance to differ materially from those reflected in the forward-looking statements. Differences may result from, among other things, actions taken by the Company or its management or Board, as well as those beyond the Company's control. Such risks and uncertainties include, but are not limited to, timing and integration of management and Board changes (and related arrangements) and changes in strategic and other business objectives. All forward-looking statements contained herein are made as of the date of this press release. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results or occurrences. The Company disclaims any obligation to update these forward-looking statements, whether as a result of new information, future developments or otherwise.
Chief Financial Officer
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SOURCE TheStreet, Inc.