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Stock Market & Financial Investment News

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February 24, 2014
08:04 EDTFOEFerro appoints Peter Thomas CEO to Chairman
Ferro announced that its board has voted to recommend that shareholders approve the declassification of the board and other governance practices in furtherance of the company’s continuing commitment to serve the long-term interests of all Ferro shareholders. The board also announced its intention to appoint Peter Thomas, the company’s president and CEO to the additional role of Chairman of the Board. At the company’s Annual Meeting, the company will propose a conditional amendment to its Code of Regulations to declassify its board and a conditional amendment to its Eleventh Amended Articles of Incorporation to eliminate cumulative voting in the election of directors, in each case beginning with the election of directors at the 2014 Annual Meeting. If both amendments are approved by Ferro shareholders, the declassification would be implemented via a phased-in approach. Under this approach, the director nominees of the class standing for election at the 2014 Annual Meeting would be elected to one-year terms and the directors in the two remaining classes would serve out their three-year terms until the 2015 or 2016 Annual Meeting, as applicable. The amended Code of Regulations would provide that directors elected at and after the 2014 Annual Meeting would serve for one-year terms. Each of the above proposals is conditioned on the approval of the other, and neither proposal will take effect unless shareholders approve both proposals at the Annual Meeting.
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