{"id":753141,"date":"2023-05-01T12:20:27","date_gmt":"2023-05-01T16:20:27","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/wm-argyle-urges-broadwinds-employee-shareholders-to-vote-for-change\/"},"modified":"2023-05-01T12:20:27","modified_gmt":"2023-05-01T16:20:27","slug":"wm-argyle-urges-broadwinds-employee-shareholders-to-vote-for-change","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/wm-argyle-urges-broadwinds-employee-shareholders-to-vote-for-change\/","title":{"rendered":"WM Argyle Urges Broadwind\u2019s Employee Shareholders to Vote for Change"},"content":{"rendered":"
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MILWAUKEE, May 01, 2023 (GLOBE NEWSWIRE) — WM Argyle Fund, LLC (\u201cWM Argyle\u201d or the \u201cFund\u201d), one of the largest investors in Broadwind, Inc. (NASDAQ: BWEN) (\u201cBroadwind\u201d or the \u201cCompany\u201d), today\u00a0sent a letter to\u00a0Broadwind\u2019s employee shareholders urging them to let their voice be heard and bring much-needed change to Broadwind by supporting WM Argyle\u2019s nominees for the Board of Directors.<\/p>\n

WM Argyle urged the employee shareholders to support its nominees for the Board by returning the GREEN<\/strong> proxy card and to withhold their votes on the three incumbent directors – David P. Reiland, Thomas A. Wagner and Cary B. Wood – who are most responsible for Broadwind\u2019s poor strategic decisions and excessive executive pay awards.<\/p>\n

Additional information regarding WM Argyle Fund\u2019s plan to revitalize Broadwind may be found at\u00a0www.BWEN2023.com<\/a>.<\/p>\n

The text of the letter follows below:<\/p>\n

***<\/p>\n

To the Employee Shareholders of Broadwind:<\/p>\n

It is time for Board change at Broadwind, and you have the power to make it happen.<\/p>\n

Employees own approximately 5 percent of the outstanding shares of Broadwind through the Broadwind 401(k) retirement savings plan. As a participant in the Broadwind 401(k) retirement savings plan, you are eligible to vote on the election of directors at the Company\u2019s annual meeting on May 23, and your vote could determine the outcome of the election.<\/p>\n

Are you happy with the direction of Broadwind? Is everyone pulling their fair share? Do you think the Board is responsive and has the best interest of the Company in mind? Does management listen to and address your concerns and issues? We have seen enough employees\u2019 reviews online to know that all is not well at Broadwind.<\/p>\n

Broadwind had another tough year in 2022. The Company recorded a loss of $9.7 million and its stock price fell by 11%. Yet Broadwind\u2019s top three executives still received hundreds of thousands of dollars in performance pay for reaching goals set by the Board. Clearly, the Board believes in rewarding executives no matter the success of the Company. That is not good governance, plain and simple.<\/p>\n

More astonishing is that despite leading Broadwind to its sixth straight year with an operating loss, the Board of Directors granted itself a 25% increase in cash pay and an 11% increase in share grants for 2022. Each director now earns $100,000 annually for sitting on the Board<\/u>.<\/p>\n

We think it\u2019s time for change.<\/p>\n

That\u2019s why we have proposed three highly qualified individuals to serve on Broadwind\u2019s Board.\u00a0\u00a0 We believe that our nominees possess the necessary skills, experience, and expertise needed to guide Broadwind towards a successful future. \u00a0\u00a0 Their track record at their respective companies and their commitment to growth and innovation make them ideal candidates to serve on the Board.<\/p>\n

\n Ryan Bogenschneider <\/strong>\n <\/p>\n