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RiskMetrics recommends Tecumseh Products shareholders reject Herrick Foundation's proposal
By Lisa Kerner
Charlotte, N.C., Nov. 13 - RiskMetrics Group/ISS recommended that Tecumseh Products Co. shareholders vote against Herrick Foundation's proposal to remove two independent directors from Tecumseh's board at a special meeting on Nov. 21.
According to a Tecumseh news release, RiskMetrics noted in its report that "prior to 2007 the company was on the verge of bankruptcy and that since 2007 the board and management team is essentially new and the company is in the process of reshaping and repositioning itself in the marketplace."
"The new management team has been successful in enhancing operational performance as indicated by share price performance and improved operational metrics," the RiskMetrics report said.
"Once again, a prominent advisory firm has seen through what we believe are the many misleading and uninformed statements made by the Herrick Foundation, and acknowledged the strength of our plan and the positive results we've generated to date," Tecumseh chairman, president and chief executive officer Ed Buker said in the release.
It was previously reported that another proxy advisory firm, Glass, Lewis & Co., also recommended that Tecumseh's shareholders reject Herrick Foundation's proposal.
Tecumseh was court ordered to hold the special meeting in response to a complaint filed in June by the Herrick Foundation, a company shareholder.
On the special meeting agenda will be Herrick Foundation's proposal seeking the removal of Peter Banks and David Risley from the company's board of directors as well as the election of their replacements, a prior Tecumseh news release said.
Herrick Foundation president Todd Herrick was formerly chairman and CEO of Tecumseh. He was removed by the board in 2007.
Tecumseh Products, based in Tecumseh, Mich., manufactures compressor and other products.
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