VAN NUYS, Calif.--(BUSINESS WIRE)--
Superior Industries International, Inc. (NYSE:SUP), the largest
manufacturer of aluminum wheels for passenger cars and light-duty
vehicles in North America, today announced that ISS Proxy Advisory
Services, a leading independent proxy advisory firm, has recommended to
its clients that Superior shareholders vote the WHITE
proxy card FOR all four of
Superior’s director nominees at Superior’s 2014 Annual Meeting of
Shareholders, to be held on August 15, 2014.
The addition of five new directors to the seven-member Board over the
past six years.
Superior’s significant changes to its corporate governance practices
with the declassification of the Board, the separation of the Chairman
and CEO position and the adoption of director resignation and stock
The return of $114 million to shareholders in the form of dividends
and share repurchases.
Improvements to efficiency from shuttering outdated and inefficient
plants, and transferring that capacity to more efficient plants.
Superior’s investment in a new modern manufacturing facility in Mexico.
In recommending that Superior shareholders vote the WHITE
proxy card FOR all four of the
highly qualified and experienced director-nominees – Paul J.
Humphries, James S. McElya, Donald J. Stebbins and Francisco S. Uranga – recommended
by the Superior Board, ISS concluded that GAMCO had not made a
compelling case that additional change to Superior’s Board is needed and
that votes for the Superior Board’s nominees on the WHITE
proxy card are warranted.
In its July 29, 2014 report, ISS recognized the significant positive
changes that had already occurred at Superior and noted that, given
those changes, “shareholders appear better served by supporting the
management nominees as they continue executing on recent initiatives.”
Among the significant positive changes at Superior that ISS recognized
in its report are the following:
ISS further noted that these significant positive changes at Superior,
viewed “In the context of the board’s substantial freshening in
recent years,” are “credible actions by a new board intent on
improving its accountability to shareholders.”
Commenting on the ISS report, Superior issued the following statement: “We
are very pleased that ISS, one of the leading independent, third-party
proxy advisory firms, has carefully reviewed the voting alternatives and
has recommended that shareholders vote for all four of Superior's
director nominees on the WHITE proxy
card. As we have stated consistently, we believe there are very real and
stark differences between the Superior Board’s nominees—who have the
integrity, knowledge, breadth of experience and commitment necessary to
navigate Superior through the highly competitive global business
environment—and GAMCO’s nominees, who have no experience whatsoever
working in the automotive industry.”
Superior shareholders are reminded that their vote is extremely
important, no matter how many or how few shares they own. The Company
urges shareholders to vote for all four of its highly qualified and
experienced director-nominees – Paul J. Humphries, James S. McElya,
Donald J. Stebbins and Francisco S. Uranga– on the WHITE
proxy card today.
Shareholders may vote by returning the WHITE
proxy card or by phone or Internet by following the instructions on the WHITE
proxy card they have received. Shareholders are urged to discard any
blue proxy card or voting instruction card they may have received from
GAMCO. Even a WITHHOLD vote with respect to GAMCO’s nominees on its blue
proxy card will cancel any proxy previously given to Superior. If a
shareholder previously signed a blue proxy card sent by GAMCO, that
proxy card can be revoked by voting a new WHITE
proxy card for the Board’s recommended nominees. Only the latest-dated
proxy will count.
YOUR VOTE IS IMPORTANT!
Remember, you can vote your shares by telephone or via the
Internet. Please follow the easy instructions on the enclosed WHITE
If you have any questions or need assistance in voting your shares,
please contact our proxy solicitor:
MacKenzie Partners, Inc.
105 Madison Avenue
New York, New York 10016
Call Toll-Free (800) 322-2885
About Superior Industries
Superior is the largest manufacturer of aluminum wheels for passenger
cars and light-duty vehicles in North America. From its five plants in
both the U.S. and Mexico, the company supplies aluminum wheels to the
original equipment market. Major customers include BMW, Chrysler, Ford,
General Motors, Mitsubishi, Nissan, Subaru, Tesla, Toyota and
Volkswagen. For more information, visit www.supind.com.
Important Additional Information And Where To Find It
Superior Industries, its directors and certain of its executive officers
are deemed to be participants in the solicitation of proxies from
Superior shareholders in connection with the matters to be considered at
Superior’s 2014 Annual Meeting. On July 7, 2014, Superior filed a
definitive proxy statement (as it may be amended, the “Proxy Statement”)
and definitive form of WHITE proxy
card with the U.S. Securities and Exchange Commission (the “SEC”) in
connection with such solicitation of proxies from Superior’s
shareholders. INVESTORS AND SHAREHOLDERS ARE STRONGLY ENCOURAGED TO
READ THE PROXY STATEMENT, THE ACCOMPANYING WHITE
PROXY CARD AND OTHER DOCUMENTS FILED BY SUPERIOR WITH THE SEC CAREFULLY
AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN
IMPORTANT INFORMATION. Additional information regarding the identity
of participants, and their direct or indirect interests, by security
holdings or otherwise, is set forth in the Proxy Statement, including
Appendix A thereto. Shareholders can obtain the Proxy Statement, any
amendments or supplements to the Proxy Statement and other documents
filed by Superior with the SEC for no charge at the SEC’s website at www.sec.gov.
Copies will also be available at no charge at the Investor Relations
section of our corporate website at www.supind.com,
by writing to Superior's Corporate Secretary at 7800 Woodley Avenue, Van
Nuys, CA 91406, by calling Superior at (818) 781-4973, or by contacting
Superior's proxy solicitor, MacKenzie Partners, Inc., toll free at
Superior Industries International, Inc.
Investor Relations Line
Executive Vice President & Chief Financial Officer
Source: Superior Industries International, Inc.