Denny’s Shareholders Launch Proxy Fight (DENN)
Denny’s (NASDAQ: DENN) shareholders have expressed their anger over its management’s performance. A group consisting of Denny’s (DENN) largest shareholders lambasted its CEO and said that Denny’s management has “failed”. The dissident group has further stated that it plans to launch a proxy fight for the inclusion of three of its members to the board of directors. The group is led by investment firms Dash Acquisitions and Oak Street Capital Management.
The group has sent a letter to management. The shareholders want the management to curtail costs by $15 million and to reverse the declining trend in customer traffic. The group is also seeking the overhaul of management's bonus system. The group wrote, “We are deeply concerned that if these guest traffic declines are allowed to persist, the effect on shareholders will be dire."
