Dave Lougee, president and CEO, said: “We are pleased that our shareholders recognize the successful execution of our value-creation strategy, which is delivering record results.”
After Tegna rejected its proposed board members, minority owner Standard General, one of the company’s largest shareholders, is soliciting proxies for the Tegna annual shareholders meeting so it can seat those candidates anyway. That is according to an SEC filing Wednesday, March 17, in which Standard General said it is seeking to place three board members to help diversify the board, and cited the withdrawal of their fourth candidate, former FCC official and top ad association executive Adonis Hoffman, as a reason for needing to add that diversity.
The defeat of a proposal by Standard General’s Soo Kim is a victory for Tegna Chairman Howard Elias and CEO David Lougee and followed announcement of a 7 cents a share dividend to shareholders earlier this morning.
Soo Kim’s ill-timed persistence for seats on Tegna’s board has been undermined by statements from three influential proxy advisers. And that’s a good thing. Current management led by CEO David Lougee may have its faults, but it beats Kim, whose goal is to merge or sell the company out of existence.