Farmer Bros.: ISS urges holders to vote 'FOR' company's director nominees
Farmer Bros. announced that independent proxy firm, Institutional Shareholder Services, has recommended that Farmer Bros. stockholders vote "FOR" all three of the Farmer Bros. highly-qualified and experienced director nominees - Michael H. Keown, Charles F. Marcy and Christopher P. Mottern - on the GOLD proxy card in connection with the company's 2016 Annual Meeting of Stockholders to be held on December 8, 2016. "As the dissident has failed to make a compelling case that change at the board level is necessary, no support for the dissident nominees is warranted. Shareholders should vote on the GOLD management card FOR management nominees Keown, Marcy, and Mottern," ISS said, according to Farmer Bros. group with a majority of the board, none of the members of such a reconstituted board seem to possess any outside board experience or relevant industry knowledge or operational expertise beyond that gained during their years at the company. The lack of relevant experience of certain members of the dissident slate also raises serious concerns as to whether the dissident group's interests are truly aligned with those of unaffiliated shareholders," ISS added. "Furthermore, the dissident group has likewise failed to present any future plan for the company that is clearly superior to the strategy developed by the current board-which has demonstrated strong results."