As a significant shareholder in TEGNA, Soohyung Kim and his Standard General has, for more than a year, sought to convince those holding company stock that it is on the wrong growth path. Thus, board of directors nominees it presented warranted shareholder approval.
Those efforts have failed to gain the support of TEGNA investors once again.
TEGNA announced Friday that, based on a preliminary vote count by its proxy solicitor, shareholders have “overwhelmingly re-elected” all 12 of its “highly qualified nominees” — verbage that’s clearly a swipe at Kim — as directors to serve for another term ending at the 2022 Annual Meeting.
They are Gina Bianchini, Howard Elias, Stuart Epstein, Lidia Fonseca, Karen Grimes, TEGNA President/CEO Dave Lougee, Scott McCune, Henry McGee, Susan Ness, Bruce Nolop, Neal Shapiro and Melinda Witmer.
“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, TEGNA’s Chairman of the 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.”
Lougee added, “We are pleased that our shareholders recognize the successful execution of our value-creation strategy, which is delivering record results. We value the productive partnership we have with our investors as we drive TEGNA forward for the benefit of all stakeholders. 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. I also want to thank our employees for all their efforts and their focus during this time – the work they do has never been more important.”
In addition to re-electing all of TEGNA’s directors, shareholders also approved the company’s proposals concerning the appointment of PricewaterhouseCoopers as the company’s independent registered public accounting firm for the current year; an advisory vote on the compensation of TEGNA’s named executive officers; and the elimination of supermajority voting provisions in the TEGNA Charter.
The preliminary vote count is subject to certification by the Independent Inspector of Elections.
But, it puts to rest a second effort for Kim to gain more sway at TEGNA. This included the planting of one Adonis Hoffman as a board nominee in a move that exposed conduct judged by Hoffman to be racist by Lougee — all because of a case of mistaken identity at a valet stand several years ago. Rather than spark a D&I initiative and investigation leading to Lougee’s removal, which likely would have pleased Kim, the story quietly faded away.
Standard General is the third-largest institutional shareholder of TEGNA stock, at a reported 7.7% as of the end of 2020. Blackrock Inc. holds 11.2% interest; The Vanguard Group owns 9.4% of TEGNA stock.
As of 11:14am Eastern, TEGNA shares were up 1.2% to $20.35; TGNA goes ex-Dividend on June 3.
