{"id":510767,"date":"2021-07-08T07:33:12","date_gmt":"2021-07-08T11:33:12","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/glass-lewis-recommends-genesco-shareholders-vote-for-boardroom-change-on-legion-partners-white-proxy-card\/"},"modified":"2021-07-08T07:33:12","modified_gmt":"2021-07-08T11:33:12","slug":"glass-lewis-recommends-genesco-shareholders-vote-for-boardroom-change-on-legion-partners-white-proxy-card","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/glass-lewis-recommends-genesco-shareholders-vote-for-boardroom-change-on-legion-partners-white-proxy-card\/","title":{"rendered":"Glass Lewis Recommends Genesco Shareholders Vote For Boardroom Change on Legion Partners\u2019 WHITE Proxy Card"},"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\">\nGlass Lewis Recommends Genesco Shareholders Vote For Boardroom Change on Legion Partners\u2019 <span class=\"bwuline\">WHITE<\/span> Proxy Card\n<\/p>\n<p class=\"bwalignc\"><b><i>Leading Independent Proxy Advisory Firm Concludes Change is Warranted and Supports the Addition of Highly-Qualified, Independent Director Candidates to Genesco\u2019s Board<\/i><\/b><\/p>\n<p class=\"bwalignc\"><b><i>Glass Lewis Endorses Nominees Dawn H. Robertson and Hobart P. Sichel, Who Have Significant Retail Sector Operations and Turnaround Experience <\/i><\/b><\/p>\n<p class=\"bwalignc\"><b><i>Glass Lewis Scrutinizes Long-Tenured Directors \u2013 Including Matthew C. Diamond \u2013 While Highlighting That, \u201cGenesco&#8217;s Performance and Returns Have Been Profoundly Substandard by Almost Any Benchmark Over Almost Any Period\u201d<\/i><\/b><\/p>\n<p class=\"bwalignc\"><b><i>Legion Partners Urges Fellow Shareholders to Vote on the <span class=\"bwuline\">WHITE<\/span> Proxy Card to Elect its Full Slate, Which Possesses the Expertise, 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 announced that leading independent proxy advisory firm, Glass, Lewis &amp; Co., LLC (\u201cGlass Lewis\u201d), has recommended the Company\u2019s shareholders vote for boardroom change on the <b><span class=\"bwuline\">WHITE<\/span> proxy card<\/b>. In particular, Glass Lewis has endorsed nominees Dawn H. Robertson and Hobart P. Sichel for election to Genesco\u2019s Board of Directors (the \u201cBoard\u201d) at the upcoming Annual Meeting of Shareholders (the \u201cAnnual Meeting\u201d) 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=52456987&amp;newsitemid=20210708005458&amp;lan=en-US&amp;anchor=www.GCOForward.com&amp;index=1&amp;md5=eda830fb87820c30cf37ad7314b794b7\">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 is pleased that Glass Lewis is acknowledging Genesco\u2019s many years of underperformance and recommending the Company\u2019s shareholders vote for sorely-needed boardroom change on the <b><span class=\"bwuline\">WHITE<\/span> proxy card<\/b>. We agree with Glass Lewis\u2019 critique of Genesco\u2019s long-tenured directors, including 20-year director Matthew C. Diamond. We also agree with the manner in which Glass Lewis has critiqued Genesco\u2019s poor corporate governance, underwhelming financial results and weak valuation. By recommending that shareholders vote to elect Ms. Robertson and Mr. Sichel, Glass Lewis is endorsing two proven retail experts with significant experience turning around struggling retailers. We believe shareholders should go a step further to protect their investment by electing all four members of the Legion Partners\u2019 slate.\u201d\n<\/p>\n<p>\nIn making its recommendation that shareholders vote on the <b><span class=\"bwuline\">WHITE<\/span><\/b><b>proxy card<\/b>, Glass Lewis noted Genesco\u2019s concerning governance, while affirming Legion Partners\u2019 case for change: <sup>1<\/sup><\/p>\n<ul class=\"bwlistdisc\">\n<li><i>\u201cGenesco&#8217;s defense of its longest serving directors quickly falters under the weight of the Company&#8217;s dour metrics. With this view in mind, <b><span class=\"bwuline\">we believe<\/span><\/b><span class=\"bwuline\"><b>there is ample cause for Genesco to support an incremental degree of board change at this time<\/b>.<\/span>\u201d<\/i><\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><i>\u201cWe consider the timing of [the recent new director] appointments and the contemporaneous departures of Mr. Dickens and Ms. Mason seems to suggest <b>the sitting board may have felt pressured to pursue an accelerated and <span class=\"bwuline\">reactive refresh to blunt Legion&#8217;s case<\/span><\/b>[&#8230;] <b>we do not consider the process giving rise to the noted appointments reflects favorably on Genesco.<\/b>\u201d<\/i><\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><i>\u201cWe note there exists considerable friction in relation to the continued service of Matthew Diamond, whose 20-year tenure more than doubles the next longest serving member of the remaining Genesco board. <b><span class=\"bwuline\">Despite this objectively lengthy term and related optics surrounding his effective independence, we note the remaining Genesco directors nevertheless tabbed Mr. Diamond to both serve as the board&#8217;s lead independent director and chair the nominating and governance committee [<\/span><\/b><span class=\"bwuline\">&#8230;] <b>it is both noteworthy and disconcerting that the board saw no glaring issue with vesting critical and notionally independent oversight responsibilities in a two-decade director<\/b><\/span><b>.<\/b>\u201d <\/i><\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><i>\u201c[\u2026]<b><span class=\"bwuline\">Genesco&#8217;s relative returns during Mr. Diamond&#8217;s tenure have been profoundly poor<\/span>, suggesting that the fundamental preservation and expansion of shareholder value is not a critical input into the deliberative processes giving rise to renominations or key committee appointments. We believe investors should take a very dim view of this framework.<\/b>\u201d<\/i><\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><i>\u201cWe further note <b><span class=\"bwuline\">several of the Dissident&#8217;s more incremental alternatives appear to speak directly to established weaknesses at the Company<\/span><\/b>, including what seems to be subpar expense management and pervasively sluggish and substandard digital\/e-commerce execution.\u201d<\/i><\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><i>\u201cWe believe [Ms. Robertson\u2019s] experience speaks directly to a number of fundamental operational concerns at Genesco\u2026 we note <b><span class=\"bwuline\">Ms. Robertson has<\/span><\/b>, in certain cases (e.g. Myer Department Stores, Stein Mart), <b><span class=\"bwuline\">been retained to implement challenging turnaround strategies<\/span><\/b> [\u2026]\u201d<\/i><\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><i>\u201c<b><span class=\"bwuline\">Mr. Sichel would add further retail marketing and incremental e-commerce experience well tailored to Genesco&#8217;s current deficiencies, and consider his eight-year C-suite tenure at a Fortune 500 company adequately offsets his lack of prior board service<\/span><\/b>. We would further highlight that between its IPO in October 2013 and the start of August 2019, Burlington generated TSR of 608.2%; over the same period, Genesco generated a dividend adjusted loss of -45.4%.\u201d<\/i><\/li>\n<\/ul>\n<p>\nIn its report, Glass Lewis also highlighted Genesco\u2019s serial financial underperformance and weak operational execution by noting:\n<\/p>\n<ul class=\"bwlistdisc\">\n<li><i>\u201c<b><span class=\"bwuline\">Genesco&#8217;s performance and returns have been profoundly substandard by almost any benchmark over almost any period.<\/span><\/b>\u201d<\/i><\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><i>\u201c<b>Genesco is a <span class=\"bwuline\">serial underperformer<\/span> with a fairly <span class=\"bwuline\">weak track record of execution and innovation.<\/span><\/b>\u201d<\/i><\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><i>\u201c<b>In essence, we are concerned Genesco is <span class=\"bwuline\">not simply moving the goalpost, but replacing it entirely.<\/span><\/b>\u201d<\/i><\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><i>\u201c[&#8230;] Genesco has <b><span class=\"bwuline\">routinely failed to reliably offer investors attractive value over the short-, medium- or long-term, has not realized superior performance in the wake of advertised shifts in strategy or executive composition<\/span><\/b> and has weathered a decidedly dour exogenous event substantially worse than other branded and retail footwear firms [\u2026]\u201d<\/i><\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><i>\u201cOf note on the revenue side is the fact that Genesco&#8217;s focus on footwear has <b><span class=\"bwuline\">failed to drive competitive top-line growth both before and after giving effect to COVID-impacted periods<\/span><\/b>, leaving the Company firmly in the lower third of all peer benchmarks.\u201d<\/i><\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><i>\u201cJourney&#8217;s [e-commerce penetration] remained <b><span class=\"bwuline\">well off the pace of similarly situated teen retailers<\/span><\/b><span class=\"bwuline\">.<\/span> In simple terms, [\u2026] a rising e-commerce tide [during COVID] lifted all boats, but nevertheless left <b><span class=\"bwuline\">Genesco&#8217;s primary footwear retailing segment substantially below comparable trends.<\/span><\/b>\u201d<\/i><\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><i>\u201cGenesco&#8217;s <b><span class=\"bwuline\">margins have<\/span><\/b>, in fact,<b><span class=\"bwuline\">deteriorated over the long term<\/span><\/b>, owing, in no small part, to <b><span class=\"bwuline\">bloated costs and ineffective management.<\/span><\/b>\u201d<\/i><\/li>\n<\/ul>\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=52456987&amp;newsitemid=20210708005458&amp;lan=en-US&amp;anchor=www.GCOForward.com&amp;index=2&amp;md5=1cb97dafbfaf877a2bd066a9d555b6a3\">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=52456987&amp;newsitemid=20210708005458&amp;lan=en-US&amp;anchor=www.LegionPartners.com&amp;index=3&amp;md5=9e94d6564faa2d0cb50921369f6bd12e\">www.LegionPartners.com<\/a>.\n<\/p>\n<p><sup>1<\/sup> Permission to quote Glass Lewis neither sought nor obtained; emphasis added.\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210708005458r1&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\/20210708005458\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20210708005458\/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 \/ Charlotte Kiaie, 646-386-0091<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:gmarose@mkacomms.com\">gmarose@mkacomms.com<\/a> \/ <a rel=\"nofollow\" href=\"mailto:ckiaie@mkacomms.com\">ckiaie@mkacomms.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> California United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Consulting Professional Services Finance<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\" \/>\n","protected":false},"excerpt":{"rendered":"<p>Glass Lewis Recommends Genesco Shareholders Vote For Boardroom Change on Legion Partners\u2019 WHITE Proxy Card Leading Independent Proxy Advisory Firm Concludes Change is Warranted and Supports the Addition of Highly-Qualified, Independent Director Candidates to Genesco\u2019s Board Glass Lewis Endorses Nominees Dawn H. Robertson and Hobart P. Sichel, Who Have Significant Retail Sector Operations and Turnaround Experience Glass Lewis Scrutinizes Long-Tenured Directors \u2013 Including Matthew C. Diamond \u2013 While Highlighting That, \u201cGenesco&#8217;s Performance and Returns Have Been Profoundly Substandard by Almost Any Benchmark Over Almost Any Period\u201d Legion Partners Urges Fellow Shareholders to Vote on the WHITE Proxy Card to Elect its Full Slate, Which Possesses the Expertise, Impartiality and Vision Lacking in Genesco\u2019s Boardroom LOS ANGELES&#8211;(BUSINESS WIRE)&#8211; Legion Partners Asset &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/glass-lewis-recommends-genesco-shareholders-vote-for-boardroom-change-on-legion-partners-white-proxy-card\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Glass Lewis Recommends Genesco Shareholders Vote For Boardroom Change on Legion Partners\u2019 WHITE Proxy Card&#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-510767","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Glass Lewis Recommends Genesco Shareholders Vote For Boardroom Change on Legion Partners\u2019 WHITE Proxy Card - 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\/glass-lewis-recommends-genesco-shareholders-vote-for-boardroom-change-on-legion-partners-white-proxy-card\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Glass Lewis Recommends Genesco Shareholders Vote For Boardroom Change on Legion Partners\u2019 WHITE Proxy Card - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Glass Lewis Recommends Genesco Shareholders Vote For Boardroom Change on Legion Partners\u2019 WHITE Proxy Card Leading Independent Proxy Advisory Firm Concludes Change is Warranted and Supports the Addition of Highly-Qualified, Independent Director Candidates to Genesco\u2019s Board Glass Lewis Endorses Nominees Dawn H. Robertson and Hobart P. Sichel, Who Have Significant Retail Sector Operations and Turnaround Experience Glass Lewis Scrutinizes Long-Tenured Directors \u2013 Including Matthew C. Diamond \u2013 While Highlighting That, \u201cGenesco&#8217;s Performance and Returns Have Been Profoundly Substandard by Almost Any Benchmark Over Almost Any Period\u201d Legion Partners Urges Fellow Shareholders to Vote on the WHITE Proxy Card to Elect its Full Slate, Which Possesses the Expertise, Impartiality and Vision Lacking in Genesco\u2019s Boardroom LOS ANGELES&#8211;(BUSINESS WIRE)&#8211; Legion Partners Asset &hellip; Continue reading &quot;Glass Lewis Recommends Genesco Shareholders Vote For Boardroom Change on Legion Partners\u2019 WHITE Proxy Card&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/glass-lewis-recommends-genesco-shareholders-vote-for-boardroom-change-on-legion-partners-white-proxy-card\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-08T11:33:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210708005458r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/glass-lewis-recommends-genesco-shareholders-vote-for-boardroom-change-on-legion-partners-white-proxy-card\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/glass-lewis-recommends-genesco-shareholders-vote-for-boardroom-change-on-legion-partners-white-proxy-card\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Glass Lewis Recommends Genesco Shareholders Vote For Boardroom Change on Legion Partners\u2019 WHITE Proxy Card\",\"datePublished\":\"2021-07-08T11:33:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/glass-lewis-recommends-genesco-shareholders-vote-for-boardroom-change-on-legion-partners-white-proxy-card\\\/\"},\"wordCount\":1199,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/glass-lewis-recommends-genesco-shareholders-vote-for-boardroom-change-on-legion-partners-white-proxy-card\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20210708005458r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/glass-lewis-recommends-genesco-shareholders-vote-for-boardroom-change-on-legion-partners-white-proxy-card\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/glass-lewis-recommends-genesco-shareholders-vote-for-boardroom-change-on-legion-partners-white-proxy-card\\\/\",\"name\":\"Glass Lewis Recommends Genesco Shareholders Vote For Boardroom Change on Legion Partners\u2019 WHITE Proxy Card - 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Robertson and Hobart P. Sichel, Who Have Significant Retail Sector Operations and Turnaround Experience Glass Lewis Scrutinizes Long-Tenured Directors \u2013 Including Matthew C. 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