From Home Furnishing Business
Stanley Names Dissident Shareholder to Board; Avoids Proxy Fight
Stanley Furniture (NASDAQ: STLY) appears to have headed off a proxy fight at its upcoming annual meeting by naming Stephen Hale II, who heads an investment fund that owns about 10.2% of the company’s stock, to the board of directors.
Hale is the founder of Hale Partnership Fund, which had nominated two people for Stanley’s board that would oppose nominees named by the company.
However, the fund agreed to withdraw its nominees, and Stanley said Hale and current board member Jeffrey Gilliam would be the company’s nominees at the annual meeting. No date has been set for the meeting.
“We are pleased to have reached an agreement with the Hale Group and believe this is in the best interests of the company and its stockholders,” said Glenn Prillaman, president and CEO.
Hale’s appointment to the board is effective Wednesday and temporarily increases the size of the board from six to seven. However, the company said it will revert back to a six-member board at the annual meeting when the term of director T. Scott McIlhenney expires.