Genesco appoints three new directors

Bloomberg

Genesco Inc appointed three new directors as the shoe company tries to fend off an activist investor seeking to take control of the board.
The owner of footwear retailers such as Journeys and Johnston & Murphy said it
appointed former Deckers Brands Chief Executive Officer Angel Martinez, Valvoline Inc executive Mary Meixelsperger and Greg Sandfort, the former CEO of Tractor Supply Co, to its board. Current directors Kathleen Mason and Marty Dickens will retire after the company’s annual general meeting, it said in a statement.
The new directors are “seasoned retail and brand executives who bring tremendous knowledge and experience into the boardroom,” said Mimi Vaughn, Genesco’s chairman and CEO. Their “perspectives will be invaluable as we work to accelerate Genesco’s transformation as a footwear focused company and capitalise on synergies to drive growth and profitability across our portfolio.”
Genesco is locked in a fight with activist investor Legion Partners Asset Management, which nominated seven directors the company’s board in April. The investment firm is seeking control of the board to force the specialty retailer to improve its performance by selling noncore assets, increasing margins and buying back shares. With the latest appointments, Genesco said it was rejecting Legion’s candidates because they “lack the relevant skills, experience, track records and leadership” to serve on its board.