Deals
Rent-A-Center Loses Three Board Seats to Activist Engaged
- Welling’s activist campaign wins all three seats sought
- Engaged pushed board for strategic review, urging sale
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Rent-A-Center Inc. lost its proxy fight with Engaged Capital as shareholders voted for all three dissident directors nominated by the activist investor, ousting three incumbents from the board including the company’s chief executive officer.
Shareholders at the rent-to-own electronics and furniture group’s annual meeting Thursday backed Engaged’s candidates Mitch Fadel, Rent-A-Center’s former chief operating officer; Jeffrey Brown, a private equity investor; and Christopher Hetrick, a principal at Engaged, according to preliminary results of a vote released by both the company and the activist hedge fund.