Federal Signal seeks shareholder support ahead of April 29 meeting

By Lisa Kerner

Charlotte, N.C., April 14 - Federal Signal Corp. once again urged its shareholders to elect the company's director nominees at its 2009 annual meeting on April 29.

The company's nominees are:

• James E. Goodwin, former interim president and chief executive officer of Federal Signal and former chairman and CEO of United Air Lines Inc.;

• Joseph R. Wright Jr., CEO and a director of Scientific Games Corp.; and

• William H. Osborne, Federal Signal's newly hired president and CEO.

According to Federal Signal, dissident nominee Warren Kanders is "a rejected CEO candidate who has no plan and no ideas to build stockholder value."

Kanders, said Federal Signal, "wants board seats, in part, to impose his self-serving agenda at the expense of stockholders."

As previously reported, Federal Signal's board unanimously recommended that stockholders elect the company's nominees and reject Kanders, Nicholas Sokolow and Steven Gerbsman.

Federal Signal, in a mailing to its shareholders, said the board and management have taken steps to position the company "for sustainable and profitable growth and to drive stockholder value."

These steps include appointing a new executive management team, strengthening the balance sheet by divesting non-core assets, enhancing liquidity and initiating a $20 million annual cost-reduction program.

The company said its strategic plan includes driving growth through the public safety systems platform and extracting efficiencies from its environmental solutions group, safety and security systems group and fire rescue group (Bronto).

Federal Signal is a security technology and industrial tooling company located in Oak Brook, Ill.

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