One of the two Ryman Hospitality directors representing the interests of longtime shareholder Mario Gabelli will not stand for re-election later this spring.
Glenn Angiolillo, a former corporate lawyer who now consults investment management companies, joined the board of Ryman — then still Gaylord Entertainment Co. after Gabelli's GAMCO Investors and Omni Hotels owner Robert Rowling's TRT Holdings struck a 2009 ceasefire deal that averted an all-out proxy battle. The other GAMCO representative, Gray Television President Glenn Prather, is standing for re-election. (TRT's two appointees stepped down last year after Ryman bought back Rowling's shares.)
Ryman's proxy statement gave no reason why Angiolillo is giving up his board seat, but company officials say the company's nominating and corporate governance committee "concluded that Mr. Angiolillo should serve as a director, in part, because of his legal background, his understanding of corporate finance and his knowledge of corporate governance."
Angiolillo's pending exit will leave Ryman's board with eight members, all of whom are independent except Chairman, President and CEO Colin Reed. The company's proxy does not say whether the board plans to replace Angiolillo. GAMCO owns 12 percent of Ryman, down slightly from a year ago.
Shares of Ryman (Ticker: RHP) closed Friday trading at $44.12 and have risen about 15 percent so far this year.