Coalition of Denny’s shareholders launch proxy fight for board seats, say management ‘failed’
By Ashley M. Heher, APTuesday, March 2, 2010
Denny’s shareholders launch proxy fight
CHICAGO — A group of Denny’s Corp. largest shareholders are criticizing the restaurant chain’s top leaders and plan a proxy fight to add three of their own members to its board of directors.
Blasting CEO Nelson Marchioli (MAR’-chee-oh-lee), the group says Tuesday that Denny’s management has “failed.” And they say they’re “deeply concerned” about its future.
The group calls itself the Committee to Enhance Denny’s. It’s led by investment firms Oak Street Capital Management and Dash Acquisitions.
The two own about 6.5 percent of the company’s outstanding shares. That makes them one of the company’s largest shareholders.
Denny’s is based in Spartanburg, S.C.
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