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Walgreens Photo Shareholders’ Rebuke of CEO Sets Stage for Proxy Fight

Marathon Partners just figured out how to introduce two of its three executive hopefuls on Walgreens Photo’s load up a week ago. In any case, the voting at Walgreens Photo’s yearly meeting was a stinging slap to administration.

Ronald Orol Follow Jun 19, 2015 9:47 AM EDT

Walgreens Photo Shareholders’ Rebuke of CEO Sets Stage for Proxy Fight

NEW YORK (The Deal) – at the outset, Marathon Partners Equity Management scored just an incomplete triumph a week ago when it introduced two of three nonconformist chief competitors onto Walgreens Photo’s (SFLY – Get Report) nine-man load up. Yet, a more intensive take a gander at the outcomes uncovers that CEO Jeffrey Housenbold was scarcely re-chose while he and different officials got wounding negative votes on their pay. The feasible outcome: Major changes at the photograph book and other photography administrations organization.

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Around 78% of voting shares at the organization’s June 12 yearly meeting contradicted the official pay bundles – a bigger negative pay vote than any U.S. organization executives got in 2014 (Chipotle Mexican Grill (CMG – Get Report) had the questionable respect of the most grounded vote against CEO pay in 2014 at 77%). That is up from a likewise brutal negative vote of around half in 2014, 45% out of 2013 and 36% out of 2012.

This year, the two major intermediary consultative firms, Institutional Shareholder Services and Glass Lewis and Co., discovered critical issues with Walgreens Photo’s official pay. Glass Lewis gave Walgreens Photo a “F” review “for having paid essentially more than its associates while the organization’s execution was undistinguished.

In the interim, the two dissenter competitors chose to the board are relied upon to concentrate on share value change: one is Marathon’s organizer and overseeing part, Mario Cibelli, who beforehand worked for surely understood radical store chief Mario Gabelli. Cibelli took his battle at Walgreens Photo open in July 2014 following quite a while of private discussions, and lined it up with a September letter saying he would back an arrangement at a reasonable esteem. Marathon has been an investor for approximately seven years, as indicated by a man acquainted with the dissident.

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[Seb Patrick]

[Ben Paddon]

Thank you for this trenchant insight, walgreens photo. I, too, am interested in a more intensive take a gander at the outcomes uncovers that CEO Jeffrey Housenbold was scarcely re-chose while he and different officials got wounding negative votes on their pay.

[JamesTC]

I’m sure walgreensphoto will be a valuable asset to the forum.

[Dave]

Why did Marathon Partners combine three nonconformist chief competitors into one though?

[Plastic Percy]

So What Is It?

[Nick R]

I’ve never seen one before, no-one has, but it looks shopped, I can tell from some of the pixels and from combining quite a few different opinions into one in my time.

[Ben Saunders]

Why did you just combine three memes into one though

[Plastic Percy]

Cloche!

[Author]

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