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 proxy advisory firm Glass, Lewis, LLC, has recommended 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 decision follows the same recommendation made by proxy advisory firm ISS Proxy Advisory Services, which was announced last week.
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, Glass, Lewis concluded that dissident shareholder GAMCO Asset Management, Inc., which is seeking to appoint three of its nominees to Superior’s Board, “again failed to provide shareholders with a particularly compelling argument that would justify supporting any of the dissident nominees at this time.”
The Glass, Lewis report pointed out that this is the second consecutive year that GAMCO has engaged in a proxy contest at the Company, and that GAMCO was unsuccessful in its attempt last year to obtain one board seat. Of GAMCO’s three nominees this year, one is the same nominee who Superior shareholders rejected in 2013.
In its August 1, 2014 report, Glass, Lewis noted that Superior “has refreshed its board in recent periods, with four of the seven current directors having joined the board within the past three years, including a new highly-experienced CEO (Don Stebbins) who joined the Company only three months ago.”
The Glass, Lewis report further stated that “this suggests to us that the Board has been open to bringing in new perspectives to help enhance shareholder value. Further, it’s unclear to us as to how the experiences and qualifications of the dissident nominees would be of any conceivable benefit to the Company and its shareholders at this juncture.”
Superior said the Glass, Lewis recommendation provides even further validation from a respected independent third party that shareholders should vote for Superior’s experienced and highly qualified nominees, who are clearly aligned with the best interests of shareholders and toward achieving a collective goal of enhancing long-term shareholder value.
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 proxy card.
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
(212) 929-5500 (Call Collect)
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 1-800-322-2885.