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Stock Market & Financial Investment News

News Breaks
May 13, 2014
09:39 EDTHOT, AANAaron's reaches agreement with Vintage Capital Management
Aaron's (AAN) announced that it has reached an agreement with Vintage Capital Management, the company's second largest shareholder. Pursuant to the agreement, Aaron's will expand the size of its board from eight to ten directors. Brian Kahn, Managing Member of Vintage, has been appointed to the board, effective May 20, and included in the company's slate of director nominees for election at the 2014 Annual Meeting of Shareholders. In addition, within 30 days following the 2014 Annual Meeting, Matthew Avril, former President of the Hotel Group of Starwood Hotel (HOT) will be appointed to the board. Under the terms of the agreement, Vintage has agreed to vote its shares in support of all of the board's director nominees at the 2014 Annual Meeting. In addition, the board has formed a new Operational and Financial Advisory Committee that will provide input on matters related to Aaron's core business. The founding members of the Committee will be Ray Robinson, Ron Allen and Brian Kahn. Aaron's will also continue to review its corporate governance practices as well as work to explore opportunities, as appropriate, to reduce its operating expenses.
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