Leading Proxy Voting Advisors Support Teamster Call for Independent Board Leadership at Republic Airways
(Washington, D.C.) – The Teamsters Union announced today that the country’s two leading proxy voting advisory services—ISS and Glass Lewis—have recommend support for a Teamster shareholder proposal at Republic Airways Holdings [Nasdaq: RJET] that calls for an independent chairman of the board of directors. Currently, Bryan Bedford serves as both CEO and chairman of the board.
The annual meeting of shareholders will be held on August 1, 2012 in New York City.
In its report, “Independent Board Leadership at Republic Airways—The Final Frontier,” the Teamsters union details both a governance and a business critique for why a non-executive chairman of the board is needed at Republic now more than ever.
“Republic’s current chairman and CEO, Bryan Bedford, has proven incapable of crafting a coherent or strategy for the once successful regional carrier,” said Ken Hall, General Secretary-Treasurer of the International Brotherhood of Teamsters, a long-term shareholder of Republic and representative of nearly half of the airline’s frontline workforce. “Republic’s clubby board and conflicted lead director exacerbate the problem. Shareholders must send the board a clear message and demand independent leadership.”
Founded in 1903, the International Brotherhood of Teamsters represents 1.4 million hardworking men and women throughout the United States, Canada and Puerto Rico including 80,000 in the airline industry. Visit www.teamster.org for more information. Follow us on Twitter @Teamsters and on Facebook at www.facebook.com/teamsters.