Payless Shoesource stockholders approve proposals at annual meeting
25 May '06
2 min read
Stockholders of family footwear retailer Payless ShoeSource Inc approved all four of management's proposals at the company's annual meeting.
Stockholders re-elected two directors to the Payless Board of Directors, ratified the reappointment of Deloitte & Touche LLP as the company's independent registered public accountants for fiscal year 2006, approved the 2006 Payless ShoeSource Inc, Stock Incentive Plan, and approved the amendments to and restatement of the Payless ShoeSource Inc, Restricted Stock Plan for Non-Management Directors.
Mylle Mangum, CEO of IBT Enterprises LLC, and John McGovern, Partner, Aurora Capital LLC, were re-elected to the Payless Board of Directors at the meeting. These re-elected board members were each elected to a three-year term to expire at the Annual Meeting of Stockholders in 2009.
Michael George retired at the end of his current term, which expired at today's meeting, to focus full time on his new position as CEO of QVC Inc. Concurrent with George's retirement, the Board's size was decreased to nine directors.
Other board members whose terms continue are: Howard Fricke, Chairman of the Board for Payless ShoeSource Inc, and Retired Chairman of the Board, The Security Benefit Group of Companies; Matthew Rubel, CEO and President, Payless ShoeSource Inc; Daniel Boggan Jr., Retired Sr. VP, National Collegiate Association; Judith Hofer, Retail Consultant; Michael Murphy, Retired VC and CAO, Sara Lee Corporation; Michael Weiss, Retired CEO of Express, a Subsidiary of Limited Brands Inc; and Robert Wheeler, Chairman and CEO, Hill's Pet Nutrition Inc.
Payless ShoeSource Inc is the largest specialty family footwear retailer in the Western Hemisphere, dedicated to democratizing fashion and design in footwear and accessories and inspiring fun, fashion possibilities for the family at a great value. It operates a total of 4,602 stores.
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