Crown Crafts addresses Wynnefield proposals
August 1, 2007,
Gonzales, La. – In a letter from chairman, president and ceo E. Randall Chestnut posted after the close of business yesterday, infant and juvenile products manufacturer Crown Crafts Inc. offered its riposte to a set of proposals issued Monday by insurgent shareholder group Wynnefield Partners Small Cap Value.
The counter-proposal from Crown Crafts offers to:
Add an eighth board member who is not affiliated with either the company or Wynnefield;
Form a nominating and governance committee and elect the new director to it;
Review the company’s non-employee director fee structure.
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