ATLANTA - Aaron's, Inc. (NYSE: AAN), a leader in the sales and lease ownership and specialty retailing of residential furniture, consumer electronics, home appliances and accessories, today announced that the Aaron's Board of Directors has unanimously voted to amend the Company's bylaws to declassify the Board, subject to the approval of Aaron's shareholders. The Board will ask shareholders to approve this bylaw amendment at Aaron's Annual Meeting on June 10, 2014. Shareholders will receive information on the proposal to declassify the Board in the 2014 proxy statement to be mailed in the coming days.
"Aaron's has a long history of strong corporate governance and responsiveness to shareholders," said Ray Robinson, Chairman of the Aaron's Board of Directors. "As a result of shareholder input and the Board's ongoing review of its governance practices, the Board believes that declassification is in the best interest of Aaron's and its shareholders."
If the bylaw amendment to declassify the Board is approved, nominees for the class of directors whose terms expire at the 2014 meeting will be elected for one-year terms, and, at subsequent annual meetings, director nominees will be elected for one-year terms.
The Aaron's Board of Directors has made a number of recent enhancements to its corporate governance practices, including adopting majority voting in uncontested elections.
Greenberg Traurig, LLP is serving as lead legal advisor and The Blackstone Group and Goldman, Sachs & Co. are serving as financial advisors to Aaron's.
Source: Aaron's Inc.
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