Crown Crafts agreement with stakeholder ends proxy battle
Retail Editor 1 -- Home Textiles Today, July 15, 2011
Gonzales, La. - After several years of fighting over its board's makeup, Crown Crafts has struck a deal with Wynnefield Partners Small Cap Value, its largest stockholder, to include its preferred candidate on the slate of directors to be voted on at the manufacturer's annual meeting Aug. 9.
In return, Wynnefield has agreed to drop its proxy proposal for her election.
Patricia Stensrud founder Hudson River Partners in 2003 and has since served as an advisor to equity firms and investment banks on matters related to fashion and accessories companies. In 2005, she was president of the women's sportswear division at Tommy Hilfiger USA.
She we be nominated along with Donald Ratajczak, who has served on Crown Craft's board since 2001.
Nelson Obus, Wynnefield's president, said Stensrud "will bring fresh thinking and new ideas to the board."
Wynnefield owns a 16.4% stake in Crown Crafts.