Circuit City Prepares For Board Elections
By Alan Wolf -- TWICE, 5/30/2008
Richmond, Va. — Circuit City has filed its definitive proxy statement with the Securities and Exchange Commission (SEC) in advance of its annual shareholder meeting June 24, and will begin mailing proxy materials to its shareholders on Monday.
As part of an agreement reached with Wattles Capital Management, shareholders are being asked to approve an increase in the number of directors from 12, to 15, to accommodate three of investor Mark Wattles’ original five board nominees: James Marcum, Elliott Wahle and Don Kornstein. Wahle is up for a three-year term on the board; Kornstein would retain his seat for two years, and Marcum, who will also serve on the board’s executive committee if elected, is up for a one-year term.
Shareholders are also being asked to re-elect five current Circuit City board members and to approve a performance-based incentive plan for senior management.
The annual meeting will be held here at the University of Richmond.
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