Farmer Bros. says Glass Lewis recommends stockholders vote for director nominees
Farmer Bros. announced that Glass Lewis & Co. recommends that stockholders vote "FOR" all three of the Company's director nominees - Charles Marcy, Deverl Maserang and Christopher Mottern - on the WHITE proxy card in connection with the Company's 2019 Annual Meeting of Stockholders to be held on December 10, 2019. Glass Lewis is the second leading independent proxy advisory firm to recommend "FOR" Farmer Brothers' nominees, following a recommendation issued by Institutional Shareholder Serviceson November 22, 2019, as previously announced. In its November 27, 2019 report, Glass Lewis noted: "Having reviewed the arguments presented by the Grossman Group as well as the incumbent board's response, we do not believe the Dissident has made a compelling case that electing its nominees is warranted or in the best interests of all shareholders at this time...With respect to board composition, we find that the incumbent directors have appropriate qualifications and expertise to oversee the Company and that the board is sufficiently independent. In particular, we believe Management Nominees Marcy and Mottern continue to be well qualified to serve on the board, with executive experience in the food and beverage industry as well as relevant CEO experience and additional public company board experience...we note that, in addition to the executive changes...the board has been refreshed with four new directors appointed in the last two years. In this case, we do not believe there is a clear case that further change to the composition of the board is warranted at this time." Farmer Brothers reminds stockholders that every vote is important, no matter how many or how few shares it represents. The Company urges all stockholders to use the WHITE proxy card to vote "FOR" the Company's director nominees.