Verint urges stockholders to vote for all of company's directors
Verint Systems announced that it has sent a letter to stockholders in connection with its upcoming Annual Meeting of Stockholders. The letter read, in part, "Over two years ago, Verint's Board began a strategic transformation that is delivering significant value to our stockholders. This successful strategy, which includes accelerated innovation, evolving financial disclosures and Board refreshment - is under serious threat - and so is the value of your investment...Neuberger Berman, a 2.6% stockholder who has already had input into the selection of one of our eight directors, is attempting to gain additional Board influence so that it can force significant and abrupt changes on Verint that we believe would destroy value. Our Board has embraced change and is committed to further change to continue to drive stockholder value, but believes that Neuberger Berman's ideas, if adopted, would harm our customer relationships, disrupt our business momentum, and remove Board members who are vital to the success of our company...We are determined to protect our stockholders from Neuberger Berman's ill-informed and dangerous ideas. We believe their proposed actions - some of which they have not fully disclosed in public - would damage the value of your investment. We have engaged extensively and have tried to reason with Neuberger Berman, but - despite their public claims - they are privately insisting on increasing their influence on our Board, we believe, to further their value-destructive agenda...We believe Neuberger Berman is trying to mislead you by asking for changes that they know have already been underway for two years, at the Board's initiation...We are committed to ongoing Board refreshment, and we have added three new directors over the last three years, including one director at Neuberger Berman's suggestion in 2017. This fiscal year we intend to continue the refreshment process and add a director with recent and relevant experience in cloud, cyber security, and/or software who will also enhance the diversity of the Board...We strongly urge stockholders to support Verint by voting "FOR" Verint's entire slate of eight highly qualified directors on the WHITE proxy card."