CPI shareholder Ramius fails in bid for board representation

By Lisa Kerner

Charlotte, N.C., July 8 - CPI Corp. said preliminary results indicate that the company's shareholders voted to elect all six of the board's nominees - James Abel, Paul Finkelstein, Michael Glazer, Michael Koeneke, David Meyer and Turner White - at its annual meeting on Wednesday.

According to CPI, the nominees put forth by dissident shareholder Ramius LLC and its affiliates - Peter A. Feld and Joseph C. Izganics - were "defeated by a clear margin."

Final election results will be tabulated and certified by IVS Associates, Inc., the independent inspector of elections.

"We are confident that CPI has the right board and management team in place and is executing the right strategic plan to further enhance value for all of our stockholders," CPI chairman David Meyer said in a company news release.

"We are focused on continuing to enhance CPI's operational efficiency, customer service, and cash generation while developing new avenues for profitable growth," Meyer said.

CPI is a St. Louis-based portrait studio operator.

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