Genesco Inc. has secured the backing of all three independent proxy advisory firms in its board fight against activists Bradley L. Radoff and Jumana Capital Investments ahead of the July 21 annual shareholders' meeting. Institutional Shareholder Services, Glass Lewis & Co., and Egan-Jones Proxy Services have each recommended that shareholders vote for Genesco's nine director nominees on the White proxy card. The firms concluded that the dissidents have not made a compelling case for change, with Glass Lewis noting Genesco has charted a reasonably favorable course under CEO Mimi Vaughn and the board, and Egan-Jones citing recovering cash flow, improving profitability, and early success of the Journeys repositioning. Genesco stated that the support reinforces the board's qualifications and active oversight of the company's strategy. The Nashville-based shoe firm reported a first quarter net loss of $14.81 million on net sales of $487.03 million, and recently named Jonathan Collins as its new chief financial officer.
Genesco IncAll three proxy advisory firms recommend voting for Genesco's board nominees, supporting management against activist investors.