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From Home Furnishing Business

Stanley Elects New Board Members

Stanley Furniture (NASDAQ: STLY) has named Justyn Putnam to its board of directors, essential avoiding a proxy battle. 

Putnam’s appointment follows an agreement the company made with a shareholder group that had nominated two candidates for the company’s board. Hale Partnership Fund and Talanta Fund own about 8.9 percent of Stanley’s outstanding stock.

Putman is managing member of the Talanta Investment Group, an asset management company focused on investments in smaller, publicly traded companies.

Following Putnam’s appointment, the Hale-Talanta Group withdrew its nominations.

In addition to Putnam’s appointment, shareholders elected Glenn Prillaman, president and CEO, to the board. Putnam and Prillaman’s terms will expire at the 2019 annual meeting of the company’s shareholders.

“We are pleased to have reached an agreement with the Hale-Talanta Group and believe this is in the best interests of the company and its shareholders,” Prillaman said. “We welcome Mr. Putnam to the board and expect to benefit from his financial expertise and knowledge of the company as we work together to continue the company’s progress.”



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