A dozen directors were re-elected at Middleburg Financial in Virginia despite a protest from the company's biggest investor.
The $1.3 billion-asset Middleburg disclosed in a regulatory filing that its shareholders approved one-year terms for all 12 directors up for election during last week's annual meeting. Four candidates, including President and Chief Executive Gary Shook, prevailed even though the number of shares withheld outnumbered shares that voted for their re-election.
The results were a result of plurality voting and a lack of alternative candidates. Still, David Sokol, CEO of Teton Capital in Jackson, Wyo., made good on his
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The biggest investor in Middleburg Financial plans to withhold support for the company's director nominees.
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Middleburg said in a statement Monday that it had offered Sokol a board seat "on numerous occasions," including as recently as March 30, but the investor had "repeatedly declined" the offer. "We remain committed to executing on our strategic initiatives to grow the business, deliver robust financial performance and enhance shareholder value," the statement said.
An investment bank working with Sokol did not respond to a request for comment.
