Bitter public in fighting at IGT
Wednesday March 6, 2013 : IGT SHAREHOLDERS VOTE FOR ONLY ONE OF THE ADER CHALLENGERS (Update)
Bitter public in-fighting between challenger and management may now die down
The recent aggressive and at times distasteful public exchanges between the management of International Game Technology and the Ader group trying to get three directors onto the Board are now hopefully water under the bridge following yesterday's agm and the votes of the firm's shareholders.
It looks like only a qualified win for the challengers, who managed to get just one director – Daniel B. Silvers – appointed, leaving the current management in control with seven re-appointed directors.
IGT announced that, based on a preliminary vote count, seven of the eight IGT directors have been reelected at the company's 2013 Annual Meeting of Shareholders, along with just one of the three directorial candidates put forward by the Ader group.
In an IGT statement, chairman Philip G. Satre commented, "The Board and management team would like to thank our shareholders for participating in this process. They have communicated to us directly their strong support and enthusiasm for IGT's management team.
“Shareholders clearly appreciate the success of our strategy to drive growth in our North American market, expand internationally and build our interactive business, while at the same time prudently returning significant capital to shareholders.
"On behalf of the entire Board, Patti Hart [CEO] and I would like to thank David Roberson, who was not reelected, for his many contributions to the company.
"I'd also like to take this opportunity to welcome Mr. Silvers to the Board. We look forward to working with Mr. Silvers toward our mutual goal of delivering value for all IGT shareholders."
The company announced that approximately 80 percent of the 265 million shares outstanding were voted at the meeting. IGT's nominees, in alphabetical order, received approximately the following shares voted for their reelection:
•Paget L. Alves – 93 million votes;
•Janice Chaffin – 203 million votes;
•Greg Creed – 203 million votes;
•Patti S. Hart – 203 million votes;
•Robert J. Miller – 203 million votes;
•David E. Roberson – 84 million votes;
•Vincent L. Sadusky – 92 million votes; and
•Philip G. Satre – 203 million votes.
The nominees of the Ader Group, in alphabetical order, received the following approximate ‘for' vote totals:
•Raymond J. Brooks, Jr. – 32 million votes;
•Charles N. Mathewson – 29 million votes; and
•Daniel B. Silvers – 112 million votes.
IGT shareholders also voted to approve the other three proposals on the ballot. The estimated votes on these matters were as follows:
– 183 million shares, or 93 percent of shares voting, were for the amendment of company's 2002 Stock Incentive Plan, compared to 13 million shares against;
– 178 million shares, or 96 percent of shares voting, were ‘for' the company in its 2013 Say-on-Pay vote, compared to 7 million shares against; and
– 208 million shares, or 99 percent of shares voting, were ‘for' the appointment of PricewaterhouseCoopers LLP as the Company's independent registered public accounting firm for the 2013 fiscal year, compared to 2 million shares against.
