{"id":509753,"date":"2021-07-06T09:03:27","date_gmt":"2021-07-06T13:03:27","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/legion-partners-urges-genesco-shareholders-to-focus-on-the-need-for-further-board-change-following-contradictory-iss-recommendation\/"},"modified":"2021-07-06T09:03:27","modified_gmt":"2021-07-06T13:03:27","slug":"legion-partners-urges-genesco-shareholders-to-focus-on-the-need-for-further-board-change-following-contradictory-iss-recommendation","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/legion-partners-urges-genesco-shareholders-to-focus-on-the-need-for-further-board-change-following-contradictory-iss-recommendation\/","title":{"rendered":"Legion Partners Urges Genesco Shareholders to Focus on the Need for Further Board Change Following Contradictory ISS Recommendation"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwlistdisc { list-style-type: disc }\n.bwuline { text-decoration: underline }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\">\nLegion Partners Urges Genesco Shareholders to Focus on the Need for Further Board Change Following Contradictory ISS Recommendation\n<\/p>\n<p class=\"bwalignc\"><b><i>Applauds ISS\u2019 Recognition of Genesco\u2019s Bloated Operations, Poor Financial Performance and Weak Governance While Questioning the Incongruous Endorsement of Long-Tenured Directors Primarily Responsible for Years of Underperformance <\/i><\/b><\/p>\n<p class=\"bwalignc\"><b><i>Contends Voting for Genesco\u2019s Long-Tenured Directors Will Set a Dangerous Precedent by Enabling the Company\u2019s Insular Board to Avoid Accountability After it Rashly Enacted an Incremental Refresh Following Our Nomination<\/i><\/b><\/p>\n<p class=\"bwalignc\"><b><i>Sees Significant Risk in Allowing Ineffective and Underqualified Directors to Remain in Place as the Footwear and Retail Industries Rapidly Evolve in Today\u2019s Highly-Competitive, Digital-First Environment<\/i><\/b><\/p>\n<p class=\"bwalignc\"><b><i>Urges Shareholders to Vote on the <span class=\"bwuline\">WHITE<\/span> Proxy Card to Elect Legion Partners\u2019 Full Slate, Which Possesses the Industry Experience, Impartiality and Vision Lacking in Genesco\u2019s Boardroom <\/i><\/b><\/p>\n<p>LOS ANGELES&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nLegion Partners Asset Management, LLC (together with its affiliates, \u201cLegion Partners\u201d or \u201cwe\u201d), which collectively with the other participants in its solicitation beneficially owns approximately 5.9% of the outstanding common shares of Genesco, Inc. (NYSE: GCO) (\u201cGenesco\u201d or the \u201cCompany\u201d), today issued the below statement to urge fellow shareholders to focus on the need for further change in the Company\u2019s boardroom following Institutional Shareholder Services, Inc.\u2019s (\u201cISS\u201d) puzzling recommendation. As a reminder, Legion Partners is seeking to elect four highly-qualified and independent director candidates \u2013 Marjorie L. Bowen, Margenett Moore-Roberts, Dawn H. Robertson and Hobart P. Sichel \u2013 to Genesco\u2019s Board of Directors (the \u201cBoard\u201d) at the upcoming Annual Meeting of Shareholders on July 20, 2021. Learn about how to vote on Legion Partners\u2019 <b><span class=\"bwuline\">WHITE<\/span> proxy card<\/b> by visiting <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.GCOForward.com&amp;esheet=52455647&amp;newsitemid=20210706005440&amp;lan=en-US&amp;anchor=www.GCOForward.com&amp;index=1&amp;md5=4da81071d7739fd76441d73c68075c92\">www.GCOForward.com<\/a>.\n<\/p>\n<p>\nChris Kiper and Ted White, Legion Partners\u2019 Managing Directors, commented:\n<\/p>\n<p>\n\u201cLegion Partners urges Genesco shareholders to continue to focus on the need for further boardroom change following the contradictory report issued by ISS. We question how ISS can repeatedly acknowledge Genesco\u2019s many years of financial and operational underperformance, but then recommend shareholders vote to elect all of the long-tenured directors on management\u2019s card. We contend this conflicting recommendation sends a terrible message: an insular and underperforming board of directors can avoid accountability when a sizable shareholder nominates by simply enacting incremental, unilateral refreshments. We believe boards should regularly refresh and improve their skill sets and experience \u2013 not just wait to do the least necessary only under pressure from shareholders. The fact that the Genesco Board has been so stale despite years of deteriorating performance offers strong evidence of an insular culture and lack of alignment with shareholders. This is the essence of the risk the ISS recommendation does not address. If shareholders allow this type of entrenchment maneuver to become accepted precedent, we fear there will be long-term negative consequences for the Company\u2019s investors, employees, consumers and other corporate stakeholders.\n<\/p>\n<p>\nWe believe shareholders should seriously question the inconsistency of ISS\u2019s recommendation after it concluded the following in its report:<sup>1<\/sup><\/p>\n<ul class=\"bwlistdisc\">\n<li><i>\u201cPrior to the pandemic, <b><span class=\"bwuline\">all segments other than Journeys experienced lackluster or declining sales growth and overall adjusted operating margin deterioration<\/span><\/b> between FY 2017 and FY 2020.\u201d<\/i><\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><i>\u201cThe margin performance of each segment appears to lend credence to the dissident&#8217;s concern that <b><span class=\"bwuline\">the company&#8217;s conglomerate structure is detrimental to value creation.<\/span><\/b>\u201d<\/i><\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><i>\u201cThe company\u2019s operating margins, while still positive, <b><span class=\"bwuline\">have been deteriorating for years.<\/span><\/b>\u201d<\/i><\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><i>\u201c<b><span class=\"bwuline\">The company\u2019s valuation multiple has historically trailed that of its peers<\/span><\/b>\u2026there is no sign of valuation convergence with peers.\u201d<\/i><\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><i>\u201c<b><span class=\"bwuline\">The results of [Genesco\u2019s] six-pillar strategy to date are unclear.<\/span><\/b>\u201d<\/i><\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><i>\u201cIn assessing the company&#8217;s execution, it appears that it has benefited from overall consumer spending shifts towards digital and e-commerce as a result of the COVID-19 pandemic and <b><span class=\"bwuline\">still trails its peers in digital penetration.<\/span><\/b>\u201d<\/i><\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><i>\u201cAlthough disclosure on the smaller acquisitions and divestitures is limited, <b><span class=\"bwuline\">it appears that the dissident&#8217;s concerns about capital allocation as it relates to portfolio management are justified.<\/span><\/b>\u201d<\/i><\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><i>\u201c<b><span class=\"bwuline\">Diamond&#8217;s 20-year tenure should raise eyebrows<\/span><\/b>among shareholders following the refreshment of the board.\u201d<\/i><\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><i>\u201cShareholders may reasonably be concerned that<b><span class=\"bwuline\">lead independent director Diamond&#8217;s 20 years on the board could reduce his independence from the management team<\/span><\/b> he is charged with holding accountable.\u201d<\/i><\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><i>\u201cThe dissident&#8217;s request for a universal card, and the company&#8217;s decision to instead use a card that only has management&#8217;s nominees, <b><span class=\"bwuline\">lends support to the dissident&#8217;s concern that the incumbent board members are entrenched<\/span><\/b> [\u2026].\u201d<\/i><\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><i>\u201c<b><span class=\"bwuline\">Legion&#8217;s campaign should be credited as a catalyst for the recent improvement in board composition, and the dissident raises a reasonable question as to whether GCO&#8217;s self-refresh has been sufficient to address the company&#8217;s issues<\/span><\/b>.\u201d<\/i><\/li>\n<\/ul>\n<p>\nIt is notable that ISS appears to have overlooked the fact that despite Genesco\u2019s reactionary refresh, a majority of the Company\u2019s Board is still comprised of long-tenured individuals with concerning interlocks and extremely poor track records. We believe the four boardroom leaders we are seeking to replace \u2013 Matthew C. Diamond (Lead Independent Director and Chair of Nominating and Governance Committee), Thurgood Marshall, Jr. (Chair of the ESG Subcommittee), Joanna Barsh (Chair of the Compensation Committee) and Kevin P. McDermott (Chair of the Audit Committee) \u2013 should be held to a higher level of accountability given their leadership positions. We suggest that shareholders take a very close look at these four incumbents before casting their votes. It is alarming to us that a leading independent proxy advisory firm could endorse all four of these individuals:\n<\/p>\n<ul class=\"bwlistdisc\">\n<li><b><span class=\"bwuline\">Mr. Diamond has spent 20 years on the Board presiding over excessive executive compensation, sustained underperformance and very questionable corporate governance decisions \u2013 such as the renominations of directors with clear interlocks to insiders and one director with a history of making offensive homophobic remarks.<\/span><\/b> By the standards set by leading institutions, Mr. Diamond is an extremely stale and over-tenured director. Moreover, we feel his tenures as Lead Independent Director, Chair of the Compensation Committee and Chair of the Nominating and Governance Committee have failed to help reverse Genesco\u2019s chronic stagnation. Given Mr. Diamond\u2019s horrendous relative TSR of <i><span class=\"bwuline\">-3,446%<\/span><\/i> over his two decades, we see no legitimate justification for his continued service.<sup>2<\/sup><\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><b><span class=\"bwuline\">Mr. Marshall, who has spent 9 years on the Board, has a documented history of flouting corporate governance best practices and an extremely concerning lobbying background.<\/span><\/b> Notably, a leading independent proxy advisory firm recommended shareholders of CoreCivic, Inc. withhold votes for Mr. Marshall for four straight years \u2013 from 2017 to 2020 \u2013 citing material governance failures. Mr. Marshall has served on the CoreCivic board for 19 years with Genesco\u2019s former Chairman and Chief Executive Officer for several of those years \u2013 demonstrating once again Mr. Marshall\u2019s apparent disregard for fresh perspectives and independent thought. Mr. Marshall also has a history of lobbying for questionable organizations, including an asbestos group and a paid militia, and sitting on boards of directors that sent lucrative work to his former law firm. His selection as co-leader of Genesco\u2019s reactionary formation of the ESG Subcommittee is highly questionable given his consistent disregard of governance standards and apparent lack of topical experience.\n<\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><b><span class=\"bwuline\">Ms. Barsh, who has presided over persistent share price underperformance during her 8-year tenure, bears significant responsibility for the Company\u2019s misaligned executive compensation structure that rewards a number of her fellow McKinsey alumni.<\/span><\/b> Notably, Ms. Barsh (a long-time McKinsey consultant who has no retail operational experience) is a long-serving member and now the Chair of the Compensation Committee, which has rubberstamped millions of dollars of payments to Mimi Vaughn, Parag Desai and Robert Dennis (all McKinsey alumni) during a period of extended underperformance at Genesco.\n<\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><b><span class=\"bwuline\">Mr. McDermott, who has presided over sizable share price underperformance during his 5-year tenure on Genesco\u2019s Board, has no relevant retail or footwear experience and is perpetuating the culture of concerning interlocks at the Company.<\/span><\/b> Mr. McDermott was recently the Chief Audit Executive at Pinnacle Financial Partners (NASDAQ: PNFP), where Marty Dickens (a current Genesco director) is a Board member. Mr. McDermott has also presided over similar stagnation while holding leadership positions on the board of directors at Daktronics, Inc. (NASDAQ: DAKT), indicating a pattern of poor corporate stewardship. As a director of Daktronics, Inc. since 2015, and now the Lead Independent Director, Mr. McDermott has overseen a TSR of <i><span class=\"bwuline\">-33%<\/span><\/i> during his tenure.<sup>3<\/sup><\/li>\n<\/ul>\n<p>\nRather than continue to rebut every apparent error and oversight in Friday\u2019s ISS report, <b><span class=\"bwuline\">we want to ask our fellow shareholders to consider the risk associated with leaving the most ineffective, interconnected and long-serving members of Genesco\u2019s Board in place as leaders<\/span>.<\/b> Genesco has underperformed peers and relevant indices over nearly every time horizon over the past 20 years. The Company continues to pay millions of dollars per year to insiders as corporate bloat persists and margins remain weak. Moreover, the current Board seems either unable or unwilling to help Genesco evolve in today\u2019s highly-competitive, digital-first retail environment and pursue the massive opportunity with Journeys\u2019 younger consumer base.\n<\/p>\n<p>\nIn contrast, Legion Partners\u2019 four nominees \u2013 Marjorie L. Bowen, Margenett Moore-Roberts, Dawn H. Robertson and Hobart P. Sichel \u2013 are energized, engaged and expert operators with the vision to pursue efficiencies, growth and value-enhancing stakeholder engagement. Our slate also has exceptional diversity and well-documented experience overseeing constructive ESG and DEI initiatives at other consumer-facing businesses. We believe shareholders should assess how the long-tenured incumbents we are targeting stack up to our four-member slate when it comes to industry experience, independence and value-enhancing ideas geared toward Journeys\u2019 customers, employees and communities.\u201d\n<\/p>\n<p class=\"bwalignc\">\n***\n<\/p>\n<p class=\"bwalignc\"><b><i>Please visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.gcoforward.com%2F&amp;esheet=52455647&amp;newsitemid=20210706005440&amp;lan=en-US&amp;anchor=www.GCOForward.com&amp;index=2&amp;md5=06b542e54e4bdacda64d00edfc53268c\">www.GCOForward.com<\/a> to view important materials.<\/i><\/b><\/p>\n<p class=\"bwalignc\"><b><i>If you have any needs or require assistance as you consider how to vote, please contact Legion Partners\u2019 proxy solicitor Kingsdale Advisors at <a rel=\"nofollow\" href=\"mailto:GCO@kingsdaleadvisors.com\">GCO@kingsdaleadvisors.com<\/a>.<\/i><\/b><\/p>\n<p class=\"bwalignc\"><i>***<\/i><\/p>\n<p><b><span class=\"bwuline\">About Legion Partners<\/span><\/b><\/p>\n<p>\nLegion Partners is a value-oriented investment manager based in Los Angeles, with a satellite office in Sacramento, California. Legion Partners seeks to invest in high-quality businesses that are temporarily trading at a discount, utilizing deep fundamental research and long-term shareholder engagement. Legion Partners manages a concentrated portfolio of North American small-cap equities on behalf of some of the world\u2019s largest institutional and high-net-worth investors. Learn more at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.LegionPartners.com&amp;esheet=52455647&amp;newsitemid=20210706005440&amp;lan=en-US&amp;anchor=www.LegionPartners.com&amp;index=3&amp;md5=bd3d9ce31facafbfc686b2ec1f7a7b76\">www.LegionPartners.com<\/a>.\n<\/p>\n<p><sup>1<\/sup> Permission to quote ISS neither sought nor obtained; emphasis added.\n<\/p>\n<p><sup>2<\/sup> Relative TSR represents GCO\u2019s Relative TSR over each incumbent director\u2019s tenure vs. Peer Group as of the unaffected date (04\/09\/2021). Peer Group includes BOOT, DBI, FL, SCVL, CAL, DKS, HIBB, WWW, CROX, DECK, SHOO, SKX. TSR data assumes that Diamond was appointed on January 1st in his year of appointment due to lack of detailed information.\n<\/p>\n<p><sup>3<\/sup> TSR data from 06\/01\/2015, the date Mr. McDermott joined the Daktronics, Inc. Board, to the unaffected date of 04\/09\/2021.\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210706005440r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20210706005440\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20210706005440\/en\/<\/a><\/span><\/p>\n<p>\nFor Investors:<\/p>\n<p>Kingsdale Advisors<br \/>\n<br \/>Michael Fein \/ Lydia Mulyk, 646-651-1640<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:mfein@kingsdaleadvisors.com\">mfein@kingsdaleadvisors.com<\/a> \/ <a rel=\"nofollow\" href=\"mailto:lmulyk@kingsdaleadvisors.com\">lmulyk@kingsdaleadvisors.com<br \/>\n<\/a><\/p>\n<p>For Media:<\/p>\n<p>MKA<br \/>\n<br \/>Greg Marose \/ Bela Kirpalani, 646-386-0091<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:gmarose@mkacomms.com\">gmarose@mkacomms.com<\/a> \/ <a rel=\"nofollow\" href=\"mailto:bkirpalani@mkacomms.com\">bkirpalani@mkacomms.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> United States North America California<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Fashion Supply Chain Management Professional Services Retail Finance Banking<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\" \/>\n","protected":false},"excerpt":{"rendered":"<p>Legion Partners Urges Genesco Shareholders to Focus on the Need for Further Board Change Following Contradictory ISS Recommendation Applauds ISS\u2019 Recognition of Genesco\u2019s Bloated Operations, Poor Financial Performance and Weak Governance While Questioning the Incongruous Endorsement of Long-Tenured Directors Primarily Responsible for Years of Underperformance Contends Voting for Genesco\u2019s Long-Tenured Directors Will Set a Dangerous Precedent by Enabling the Company\u2019s Insular Board to Avoid Accountability After it Rashly Enacted an Incremental Refresh Following Our Nomination Sees Significant Risk in Allowing Ineffective and Underqualified Directors to Remain in Place as the Footwear and Retail Industries Rapidly Evolve in Today\u2019s Highly-Competitive, Digital-First Environment Urges Shareholders to Vote on the WHITE Proxy Card to Elect Legion Partners\u2019 Full Slate, Which Possesses the Industry &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/legion-partners-urges-genesco-shareholders-to-focus-on-the-need-for-further-board-change-following-contradictory-iss-recommendation\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Legion Partners Urges Genesco Shareholders to Focus on the Need for Further Board Change Following Contradictory ISS Recommendation&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-509753","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Legion Partners Urges Genesco Shareholders to Focus on the Need for Further Board Change Following Contradictory ISS Recommendation - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/legion-partners-urges-genesco-shareholders-to-focus-on-the-need-for-further-board-change-following-contradictory-iss-recommendation\/\" \/>\n<meta property=\"og:locale\" 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in Place as the Footwear and Retail Industries Rapidly Evolve in Today\u2019s Highly-Competitive, Digital-First Environment Urges Shareholders to Vote on the WHITE Proxy Card to Elect Legion Partners\u2019 Full Slate, Which Possesses the Industry &hellip; Continue reading &quot;Legion Partners Urges Genesco Shareholders to Focus on the Need for Further Board Change Following Contradictory ISS Recommendation&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/legion-partners-urges-genesco-shareholders-to-focus-on-the-need-for-further-board-change-following-contradictory-iss-recommendation\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-06T13:03:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210706005440r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" 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