Winn-Dixie Shareholders Overwhelmingly Approve Schultze Asset Management's 'Say-on-Pay' Corporate Governance Proposal
PURCHASE, N.Y., Nov. 10, 2010 /PRNewswire/ -- Winn-Dixie Stores, Inc. (Nasdaq: WINN) shareholders today overwhelmingly approved Schultze Asset Management, LLC's ("SAM") annual "say-on-pay" corporate governance proposal at WINN's shareholder meeting in Jacksonville, FL. Over 19 million shares voted in favor of SAM's proposal, thus demonstrating shareholders' lack of confidence in WINN's current compensation practices.
SAM founder, George Schultze, stated, "Shareholders are frustrated by Winn-Dixie's lack of a simple, publicly-disclosed strategy to maximize shareholder value. They have suffered tremendous losses in WINN stock while executive management received over $15 million in compensation, including private jets and lucrative stock grants, paid with an undervalued stock currency. Management and the board should immediately implement a stock repurchase program, funded with a new high-yield bond issuance, to send a strong message to the market about their confidence in the company's future. Today's vote further demonstrates shareholder disapproval of the status quo, in light of the company's undervaluation versus its peer group."
Schultze Asset Management, LLC is a leading alternative-investments firm founded by George Schultze in 1998. It manages assets for hundreds of clients worldwide with a particular emphasis on distressed securities and special-situation investments. More information about SAM is available at www.samco.net.
CONTACTS: |
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George J. Schultze, Managing Member, (914) 701-5260 [email protected] |
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SOURCE Schultze Asset Management, LLC
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