U.S. Markets closed
  • S&P Futures

    4,235.50
    +10.25 (+0.24%)
     
  • Dow Futures

    34,780.00
    +94.00 (+0.27%)
     
  • Nasdaq Futures

    13,743.50
    +33.75 (+0.25%)
     
  • Russell 2000 Futures

    2,274.50
    +6.60 (+0.29%)
     
  • Crude Oil

    65.28
    +0.38 (+0.59%)
     
  • Gold

    1,834.00
    +2.70 (+0.15%)
     
  • Silver

    27.82
    +0.34 (+1.23%)
     
  • EUR/USD

    1.2155
    -0.0013 (-0.1094%)
     
  • 10-Yr Bond

    1.5770
    +0.0160 (+1.02%)
     
  • Vix

    16.69
    -1.70 (-9.24%)
     
  • GBP/USD

    1.4019
    +0.0030 (+0.2117%)
     
  • USD/JPY

    108.8760
    +0.2940 (+0.2708%)
     
  • BTC-USD

    59,009.43
    +390.29 (+0.67%)
     
  • CMC Crypto 200

    1,554.39
    +118.61 (+8.26%)
     
  • FTSE 100

    7,129.71
    +53.54 (+0.76%)
     
  • Nikkei 225

    29,603.69
    +245.87 (+0.84%)
     

Activist Legion Partners nominates 7 to Genesco board

  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
  • Oops!
    Something went wrong.
    Please try again later.

BOSTON, April 12 (Reuters) - Activist investor Legion Partners Asset Management LLC wants to take control of Genesco Inc's board and has nominated seven directors to sit on the specialty retailer's eight-person board, according to a letter made public in a filing on Monday.

Legion, run by Christopher Kiper, would like the company to consider selling non-core assets and buy back shares. It owns a 5.6% stake in Genesco, which has a market capitalization of $727.8 million.

"We will review the letter from Legion, along with their proposed director candidates, and respond in due course," the company said in a statement.

With Legion's board nominees, "Genesco will be able to produce $7.50 in earnings per share (“EPS”) by fiscal 2023 and see its stock double from current levels," Kiper and Legion managing director Ted White wrote in a letter to other shareholders.

Legion has previously launched campaigns at other retailers including Bed Bath & Beyond Inc, and this year it teamed up with several other activists to take control of department store Kohl's board.

(Reporting by Svea Herbst-Bayliss; Editing by Steve Orlofsky)