Big 5 Sporting Goods Corp. noted that in addition to the three candidates for election previously announced by Stadium Capital Management, LLC, Engaged Capital, LLC also has nominated four other director candidates for election to the company's board of directors at the annual meeting.
Three of the company's seven director positions will be up for election at the annual meeting.
The company issued the following statement:
"Big 5 values the views of all stockholders and welcomes constructive input toward our shared goal of maximizing the long-term value of the Company. Our Board of Directors and management team remain focused on continued execution of our proven business model, which has enabled us to consistently deliver solid profitability and return value to stockholders in the forms of dividends and share repurchases. Over our 60-year history, our business model has been to provide our customers with the optimal mix of value, selection, service and convenience, and this has enabled us to both successfully navigate economic and competitive headwinds and capitalize on product trends that are inherent to our business. We believe our efforts to refine our product offering to meet the demands of today's consumer, combined with diligent expense management and our controlled store growth strategy, have our Company well positioned to drive meaningful value for our stockholders.
The company's board of directors will present its recommendations with respect to the election of directors in its definitive proxy statement, which will be filed with the Securities and Exchange Commission and mailed to all stockholders eligible to vote at the Annual Meeting."
As reported, Stadium Capital, which owns over 11 percent of Big 5, said in a statement Mar. 17 it planned to nominate three independent candidates to serve on the retailer's board at Big 5's 2015 annual meeting expected to be held in June 2015. The nominees are Dominic P. DeMarco, a managing director and co-chief investment officer of SCM and an existing member of the board; Nicholas Donatiello, Jr., a consumer, media and technology strategist and a recognized corporate governance expert; and Michael J. McConnell, an investor and former chief executive officer of consumer-facing businesses with restructuring experti
Stadium Capital said Big 5's board "lacks a sufficient sense of urgency and the fresh perspectives necessary to unlock Big 5's full potential."
