Tegna said that all of its directors have been re-elected based on a preliminary vote count, defeating a proxy battle with investor Standard General, which had proposed its own slate of directors.
Standard General had complained that Tegna was underperforming under current management and criticized its merger and acquisition strategy. It also made allegations of racism against the company.
“We are deeply gratified by this clear vote of confidence from our shareholders, and we continue to benefit from the input we received from the many shareholders we engaged with,” said Howard D. Elias, chairman of Tegna’s Board. “Receiving even greater support in this year’s election than last year is a powerful endorsement of the Board’s oversight of Tegna’s financial performance, management’s execution of our strategy, and our continued progress in making Tegna even more diverse, equitable and inclusive.”
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CEO Dave Lougee added that “we are pleased that our shareholders recognize the successful execution of our value-creation strategy, which is delivering record results.”
Lougee said the company values its relationship with investors, adding that Beyond our financial performance, we are pleased that our shareholders support the company’s ongoing work to advance diversity, equity and inclusion. As demonstrated by our extensive actions to date and the quantitative goals we’ve set, we are fully committed to continue improving in these important areas so that Tegna effectively represents all of the communities we serve.”
Tegna share holders also approved the appointment of the company’s independent accounting firm, supported the compensation of top officer and voted to eliminate supermajority provisions in the company’s charter.
