Saks shareholder seeks changes to company's board of directors

By Lisa Kerner

Charlotte, N.C., May 18 - P. Schoenfeld Asset Management LP said it began mailing proxy materials to Saks Inc. shareholders following the filing of a definitive proxy statement with the Securities and Exchange Commission.

The shareholder, with a 1.5% stake in the New York-based retailer, is asking shareholders to:

• Withhold support for the re-election of C. Warren Neel to the Saks board of directors;

• Vote to end Saks' staggered board; and

• Support a proposal by the New England Carpenters' Pension Fund to implement majority voting for board member elections.

According to Schoenfeld, Saks has "recently suffered its worst period of share price performance of the decade" with its stock averaging approximately $2.89 per share since the beginning of 2009.

Schoenfeld said Saks "seems content to rely on the electronic delivery of its proxy materials, which traditionally has led to lower levels of participation by smaller and non-institutional shareholders" because it filed its proxy statement two weeks ago and has not done a broad mailing of proxy materials to shareholders.

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