{"id":514053,"date":"2021-07-16T08:03:26","date_gmt":"2021-07-16T12:03:26","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/legion-partners-highlights-the-opportunity-to-modernize-and-transform-genesco-by-adding-shareholder-nominated-directors-to-the-board\/"},"modified":"2021-07-16T08:03:26","modified_gmt":"2021-07-16T12:03:26","slug":"legion-partners-highlights-the-opportunity-to-modernize-and-transform-genesco-by-adding-shareholder-nominated-directors-to-the-board","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/legion-partners-highlights-the-opportunity-to-modernize-and-transform-genesco-by-adding-shareholder-nominated-directors-to-the-board\/","title":{"rendered":"Legion Partners Highlights the Opportunity to Modernize and Transform Genesco by Adding Shareholder-Nominated Directors to the Board"},"content":{"rendered":"

<\/p>\n

\nLegion Partners Highlights the Opportunity to Modernize and Transform Genesco by Adding Shareholder-Nominated Directors to the Board\n<\/p>\n

Believes the Legion Partners\u2019 Slate Possesses the Experience, Passion and Vision to Refocus Genesco\u2019s Resources on Journeys and High-Growth Opportunities<\/i><\/b><\/p>\n

Highlights Legion Partners\u2019 Strong Track Record of Installing Diverse Directors that Have Helped Struggling Retailers Realize Enduring Value<\/i><\/b><\/p>\n

Reminds Investors that Leading Independent Proxy Advisory Firm Glass Lewis<\/i><\/b>Recommended Shareholders Vote on the WHITE<\/span> Proxy Card at Genesco\u2019s Annual Meeting on July 20th<\/sup><\/i><\/b><\/p>\n

LOS ANGELES–(BUSINESS WIRE<\/a>)–
\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 open letter to shareholders highlighting the opportunity to modernize and transform Genesco by adding shareholder-nominated directors to the Board of Directors (the \u201cBoard\u201d). Legion has nominated four highly-qualified candidates for election to Genesco\u2019s Board at the upcoming Annual Meeting of Shareholders (the \u201cAnnual Meeting\u201d) on Tuesday, July 20, 2021. Learn about how to vote on the WHITE<\/span> proxy card<\/b> by visiting www.GCOForward.com<\/a>.\n<\/p>\n

\n***\n<\/p>\n

\nJuly 16, 2021\n<\/p>\n

\nFellow Shareholders,\n<\/p>\n

\nAs we approach the final days of this election contest, Legion Partners wants to underscore thatthere is a tremendous opportunity to help strengthen Genesco and position the Company for long-term success at next week\u2019s Annual Meeting<\/span><\/i><\/b>. We firmly believe that electing our slate of highly-qualified and independent director candidates \u2013 Marjorie L. Bowen, Margenett Moore-Roberts, Dawn H. Robertson and Hobart P. Sichel \u2013 will help Genesco improve its lagging corporate governance, modernize its stale operations and support its customer acquisition and employee engagement efforts. In addition to possessing a diverse mix of retail, footwear and turnaround experience, our slate has put in the work to identify Genesco\u2019s fixable deficiencies and spot readily obtainable value creation opportunities.\n<\/p>\n

\nIt is important to note that Legion Partners has helped appoint 27 diverse director candidates to public company boards since 2014. We maintain strong conviction that corporate success is directly tied to having diverse perspectives throughout all levels of an organization, which is why we assembled a slate of candidates that is 75% female and includes an expert in Diversity, Equity and Inclusion (\u201cDEI\u201d) initiatives. We believe Genesco needs directors who can reach younger generations, solidify customer loyalty and unlock new markets and opportunities.\n<\/p>\n

\nWe are pleased that leading independent proxy advisory firm Glass, Lewis & Co. (\u201cGlass Lewis\u201d) appears to have taken the aforementioned context into account when assessing our case for change and nominees at Genesco. Glass Lewis recommended that shareholders vote on ourWHITE<\/span> proxy card<\/b> and for the election of Ms. Robertson and Mr. Sichel. We simply believe shareholders should go a step further by electing all four of our nominees in order to get the collective benefits presented by our diverse, highly-experienced slate.\n<\/p>\n

It is also important to stress that our slate is focused on the next four years as much as the next four quarters.<\/span><\/i><\/b>We suspect that Genesco\u2019s long-term shareholders, who have endured many years of relative underperformance and stagnation, recognize that structural changes are needed at Genesco. Those are exactly the type of changes we believe our nominees can facilitate in the boardroom.\n<\/p>\n

\nIf elected, our slate has a practical agenda that it will work to drive in collaboration with the remaining incumbents:\n<\/p>\n

Priority #1 – Refocus Genesco\u2019s resources on Journeys and transform the corporate culture.<\/span><\/i><\/b><\/p>\n