Incumbent Image Board Officially Confirmed17 Oct, 2006 By: Erik Gruenwedel
As expected, Image Entertainment Oct. 17 announced that shareholders re-elected all seven members of its board of directors, according to results tabulated by IVS Associates, an independent inspector of elections for publicly-held corporations.
The board elections, held Oct. 10 in Woodland Hills, Calif., had pitted the Chatsworth, Calif.-based distributor's incumbent slate, which included chairman and CEO Martin Greenwald, against a rival slate from mini-major and disgruntled second-largest shareholder Lionsgate.
About 85% of Image's shares (18,299,047) were voted, with more than 56% voting for the incumbents and more than 43% voting for Lionsgate's slate.
Image board vote tally:
Gary Haber: 10,279,335 votes in favor
David Coriat: 10,279,267
Lynwood Spinks: 10,277,658
M. Trevenen Huxley: 10,276,440
Robert J. McCloskey: 10,274,658
Martin W. Greenwald: 10,274,479
Ira S. Epstein: 10,273,008
Lionsgate slate vote tally:
Duke K. Bristow: 7,927,888 votes in favor
Jack R. Crosby: 7,531,227
Joseph Incandela: 7,531,112
Barry David Perlstein: 6,975,171
Joachim Kiener: 6,911,480
Edward Huguez: 6,910,791
In the future, Image's board will be up for election on a staggered basis, with Greenwald, Spinks and Haber serving three-year terms, Coriat and Epstein serving an initial two-year term and Huxley and McCloskey serving an initial one-year term. Huxley and McCloskey will be the only two board members whose seats will be up for election, to three-year terms, at next year's meeting.
“We are obviously pleased with the results of the election and the support of our shareholders in voting to keep our entire board in place,” said Greenwald. “The board, management and the company as a whole will continue with our ongoing strategy and process of seeking to maximize long-term value on behalf of all of our shareholders.”