Business
Pool Corporation Announces an Increase in Its Share Repurchase Program to a Total Authorization of $600 Million, a Quarterly Cash Dividend Increase and 2023 Annual Meeting of Stockholders Voting Results
COVINGTON, La., May 04, 2023 (GLOBE NEWSWIRE) -- Pool Corporation (Nasdaq/GSM:POOL) announced today that its Board of Directors (the Board) has authorized an
About this update from Pool Corporation
[{"type":"text","content":"COVINGTON, La., May 04, 2023 (GLOBE NEWSWIRE) -- Pool Corporation (Nasdaq/GSM:POOL) announced today that its Board of Directors (the Board) has authorized an additional $413.6 million under its existing share repurchase program for the purchase of the company’s common stock in the open market at prevailing market prices. This amount adds to the $186.4 million remaining under its existing authorization as of May 3, 2023, bringing its total authorization available to $600.0 million. The share repurchase program will continue until otherwise modified or terminated by the Board at any time in its sole discretion. The company also announced that the Board has declared a quarterly cash dividend of $1.10 per share, a 10% increase over the previous quarterly dividend amount of $1.00 per share. The dividend is payable on May 31, 2023 to stockholders of record on May 17, 2023. As of May 3, 2023, there were 39,041,377 shares of common stock outstanding. Mr. Stokely, Chairman of the Board, commented, “We appreciate the steadfast support from our shareholders, with whom we have enjoyed great achievements. Today marks the 18th time that POOLCORP has increased its quarterly dividend payment since 2004 as we continue our trajectory of returning cash to shareholders through dividends and share repurchases. We look forward to continuing success ahead as our seasoned management team remains focused on creating exceptional value for our shareholders, our customers and suppliers, and our employees.” At POOLCORP’s Annual Meeting of Stockholders on May 3, 2023, stockholders elected Peter D. Arvan, Martha “Marty” S. Gervasi, James “Jim” D. Hope, Debra S. Oler, Manuel J. Perez de la Mesa, Carlos A. Sabater, Robert C. Sledd, John E. Stokely and David G. Whalen to serve as directors for the ensuing year. The voting results on the other proposals for this year’s meeting are as follows: ratification of the retention of Ernst & Young LLP as the independent registered public accounting firm of the company for the 2023 fiscal year;approval of the compensation of the company’s named executive officers as disclosed in the Proxy Statement (the advisory say-on-pay vote); andapproval of future say-on-pay votes to be held every year (the advisory frequency vote). Pool Corporation is the world’s largest wholesale distributor of swimming pool and related backyard prod...