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Tecumseh Products Company Message Board

  • longtimefollower longtimefollower Apr 24, 2013 7:36 PM Flag

    annual meeting today

    I and one other outside shareholder attended. All board nominees were elected with a plurality. (They said they would release the final numbers in an 8-k within 3 days.)

    It seems quite clear from what they said that the 2 new board members requested by Roumell, Aegis, etc. will be added within a rather short period of time, and that they are bar the end of their search process.

    I asked how, qualitatively, the board's deliberative process had change since the departure of Mr. Herrick. The Chairman essentially punted, and stated that it hadn't. I interjected that that would be disappointing....but I was pleased when at least 2 directors seemed to chuckle at my interjection....seeming to indirectly validate, to me, that things have indeed changed. (Thank goodness.)

    Overall, I was pleased with the board's sense of responsiveness, and I believe they confirmed that they have the best interests of shareholders at heart for unlocking all the latent value that is inherent in Tecumseh's assets.

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    • Zachary E. Savas ....Over a million shares voted against him.

      Stephanie H. Boyse 1,951,368
      63,352
      2,119,142

      James J. Connor 1,912,155
      102,565
      2,119,142

      Steven J. Lebowski 1,861,548
      153,172
      2,119,142

      Zachary E. Savas 924,753
      1,089,967
      2,119,142

      Terence C. Seikel 1,862,148
      152,572
      2,119,142

      Zachary E. Savas currently serves as our Lead Director and on our Audit Committee, Governance and Nominating Committee (Chairman) and Compensation Committee. He has served as President of Cranbrook Partners & Co., a private company engaged in active ownership of other businesses since 2001 and from 1991 to 2001 a boutique investment bank primarily providing merger and acquisition, and corporate finance services for both public and private companies, since September 1991. He has also served as President of Production Spring, LLC, a manufacturer of metal fasteners, clamps, clips, brackets and springs, since February 2002. He has also served as Chairman of Lewis ig, Inc., an information technology business, since July 2004, and Chairman of Fire CATT, LLC, a fire hose testing business, since October 2006. He has also served as President of Rislov Foundation, a charitable organization, since November 2003, and as Managing Member of Peponides Associates, LLC, a an investment vehicle for real estate, stocks and private companies, since January 2000.
      In addition, at the Annual Meeting, the shareholders ratified the appointment of the accounting firm of Grant Thornton LLP as our independent accountants for the year ending December 31, 2013. A total of 4,128,973 votes were cast for this proposal, 4,134 votes were cast against this proposal and 755 votes abstained on this proposal. There were no broker non-votes in connection with the ratification of the appointment of the accounting firm of Grant Thornton LLP as our independent accountants for the year ending December 31, 2013 at the Annual Meeting.
      In addition, at the Annual Meeting, the shareholders approved (on an advisory basis) the compensation of our named executive officers. A total of 1,895,401 votes were cast for this proposal, 21,248 votes were cast against this proposal, 98,071 votes abstained on this proposal and there were 2,119,142 broker non-votes in connection with the approval (on an advisory basis) of the compensation of our named executive officers at the Annual Meeting.

 
TECUA
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