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Independent Proxy Advisor Glass Lewis Recommends Medallion Shareholders Vote “FOR” Both of the Board’s Director Nominees on the BLUE Proxy Card
Both Top Independent Proxy Advisors Recommend “FOR” Medallion’s Nominees and Executive Compensation NEW YORK, June 04, 2024 (GLOBE NEWSWIRE) -- Medallion
About this update from Medallion Financial Corp.
[{"type":"text","content":"Both Top Independent Proxy Advisors Recommend “FOR” Medallion’s Nominees and Executive Compensation\nNEW YORK, June 04, 2024 (GLOBE NEWSWIRE) -- Medallion Financial Corp. (NASDAQ: MFIN) (“Medallion” or the “Company”) today announced that independent proxy advisory firm Glass, Lewis & Co., LLC (“Glass Lewis”) has recommended that Medallion shareholders vote on the BLUE proxy card “FOR” ONLY the candidates nominated by the Board of Directors, Robert M. Meyer and David L. Rudnick and “FOR” the advisory vote on the compensation of the Company’s named executive officers in connection with the Company’s 2024 Annual Meeting of Shareholders (the “Annual Meeting”). Medallion’s Annual Meeting will be held on June 11, 2024. Shareholders are encouraged to cast their vote ONLY FOR Medallion’s highly qualified nominees on the BLUE universal proxy card TODAY. In its June 3, 2024, report, Glass Lewis commented: “Financially, it appears to us that the Company’s overall performance, as measured by TSR and other metrics detailed above, has been in line with or better than its peers …”“On review of certain operating metrics of the Company as a whole, as well as of its consumer lending business lines (i.e. recreation and home improvement segments), which represent a major part of the Company's revenues in the past years, we believe the Company's performance was largely in line with or better than its peers.” “… we believe it may be reasonable for shareholders to afford the current board with discretion and flexibility to execute on the Company’s current strategy at this time.”“…we believe the board has highlighted valid potential concerns regarding the independence of the Dissident Nominees given their current employment with a significant debtholder (in the case of Mr. Hodge (sic)) and an industry competitor (in the case of Mr. Deppisch).” Regarding Medallion’s approach to executive compensation, Glass Lewis writes: “In recent years, the Company has enhanced its long-term incentive program by introducing performance stock units vesting upon achievement of predefined performance targets (i.e. pre-tax income and ROE).”“…we believe the Dissident’s concerns regarding management compensation do not rise to a level that would justify supporting the board change at this time.” Institutional Shareholder Services (“ISS”) made its recommendation FOR the comp...