The lead independent director of a northeastern insurer says he has asked the company's former chief executive officer to halt efforts to retake control of the company.
Presidential Life Corp., Nyack, N.Y. (Nasdaq:PLFE) says William Trust Jr., the lead director, has sent a letter asking Herbert Kurz, the former CEO, to end a solicitation effort.
Kurz is seeking shareholder approval to install his own board and reinstall himself as CEO.
Trust sent the letter following the receipt of recommendations from 3 independent proxy advisory firms stating that Presidential Life stockholders should reject the Kurz proposals, Presidential Life says.
"We have now gained unanimous support for our board of directors and management team from the nation's three leading independent proxy advisory firms: RiskMetrics, Glass Lewis and PROXY Governance," Trust says in a statement. "It is our hope that the recent recommendation from RiskMetrics will mark the end of Mr. Kurz's ill-advised campaign, and we sent this letter to urge him to take a realistic view of the situation."
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