The nonexecutive directors of apparel retailer Genesco will be paid an extra $20,000 this fiscal year. The increase is coming courtesy of equal bumps in both the cash retainer and the restricted stock grant Genesco will pay.
The increases represent the last installment in a planned, two-year program to bring non-employee director compensation near the market median, calculated based upon peer group comparative data, for non-employee director compensation. The data indicate that Genesco’s non-employee director compensation prior to the increases was approximately $40,000 per year in total value below the market median.
Eight board members at O'Charley's on Monday resigned their positions as part of the process that has Fidelity National Financial paying more than $210 million to buy the local restaurant chain. Of the 11 directors in place last week, only three — Bill Andrews, Doug Benham and Phil Hickey — now remain. The other eight have been replaced by four FNF-appointed men, with Hickey turning over the chairman's seat to FNF CEO George Scanlon.
Tractor Supply has adopted a policy that forces company-backed director candidates to promptly tender a resignation letter if a majority of shareholders do not back them.
Former Wall Street dealmaker par excellence Henry Silverman has told his fellow directors at Noranda Aluminum that he will leave his position in two weeks. Silverman only last fall joined the board of Franklin-based Noranda through his vice chaiman role at private-equity firm Apollo Management — a job he is also leaving this month.
Brentwood-based call center manager Sitel said Friday that Peter Shea has been added to its board. Shea, a former president of Icahn Enterprises and an exec at Heinz among other things, will be the representative of the Ontario Municipal Employees Retirement System, a significant investor in Sitel.
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