The former chief executive officer of a Northeastern insurer has unveiled plans for the new board of directors that he is trying to install in place of the current board.
Herbert Kurz, the founder, director and former chairman and chief executive officer of Presidential Life Corp., Nyack, N.Y., (Nasdaq:PLFE) says his nominees, if elected to a majority of Presidential Life's board seats by company shareholders, intend to "explore strategic alternatives in an effort to maximize shareholder value."
If the Kurz nominees are elected, the board will form a new strategic alternatives committee that will be authorized to retain an independent financial advisor to assist it in evaluating such alternatives, Kurz says.
Kurz has been conducting a consent solicitation to remove without cause all of Presidential Life's directors other than himself.
"I am the largest individual holder of the company's stock, owning more than 8% of the outstanding shares," Kurz says in a statement. "The Kurz Family Foundation, a charitable foundation, currently owns an additional 18.6% of the Company's shares, after giving effect to charitable donations of 661,000 shares late last month….
"I and my family's charitable foundation have a major economic interest in Presidential Life and the value of its shares. In sharp contrast, the eight incumbent directors I am seeking to remove from office in my consent solicitation own, in the aggregate, less than 1% of the Company's shares. I am extremely pleased that my slate of highly-qualified and independent nominees is publicly committing to a course of action intended to maximize value for all shareholders.
