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May 1, 2013 /PRNewswire/ -- The Shareholder Committee for the Future of Ferro, a significant shareholder of Ferro Corporation (NYSE: FOE), today announced that Institutional Shareholder Services (ISS), a leading independent proxy voting advisory firm, has recommended that Ferro shareholders vote on the Committee's
GREEN proxy card to elect two of the Committee's highly-qualified nominees,
Jeffry N. Quinn and
David A. Lorber.
Jeffry N. Quinn, Chairman and Chief Executive Officer of Quinpario Partners, LLC and Committee nominee, stated "ISS' strong showing of support provides significant validation to the Committee's belief that changes to the composition of the Board are needed now at Ferro in order to create sustainable shareholder value at the Company. If elected, the Committee's nominees look forward to working constructively with the other members of the Board to represent the best interests of all shareholders."
David A. Lorber, Co-Founder of FrontFour Capital Group LLC and Committee nominee, continued "We greatly appreciate the strong support from shareholders who have already voted for the Committee's nominees on the GREEN proxy card and urge all of our fellow shareholders to vote their GREEN proxy card today to elect all three of the Committee's director nominees who are firmly committed to the future success of Ferro."
The Committee urges all Ferro shareholders to follow the ISS recommendation for change on the Ferro Board.
In reaching its conclusion, ISS performed a detailed analysis of both the Committee's and Ferro's positions in the election contest, carefully considering, among other things, Ferro's subpar returns relative to its self-defined peers, volatile operating performance, poor oversight over costs and serious governance concerns. ISS concluded that shareholders should vote on the
GREEN proxy card, saying:
"Given the extent of [Ferro's] underperformance — and given that the company's issues extend beyond operating and financial performance and into questions about shareholder alignment within the board room itself — shareholders may well feel that the appropriate response should include not only an injection of significant sector experience — including a healthy sense of accountability for the operating performance and strategy of the business — but also a significant shareholder presence." (emphasis added)
"As the [Committee has] demonstrated a strong case that change at the board level is warranted, shareholder support FOR [the Committee's] nominees Quinn and Lorber is warranted." (emphasis added)
Excerpts From ISS' Analysis & RecommendationOn Ferro's Overall Performance Under the Current Board:
"The company's returns have been subpar over any relevant time period, and when compared to both peers selected by the company and an applicable specialty chemicals index."