Children's Place director nominees backed by four proxy advisory firms

By Lisa Kerner

Charlotte, N.C., July 21 - RiskMetrics Group/ISS is the latest proxy advisory firm to recommend that Children's Place Retail Stores, Inc. shareholders vote for the company's director nominees and not for the slate put forth by former chief executive officer Ezra Dabah, according to a Children's Place news release.

Glass, Lewis, & Co., Proxy Governance, Inc. and Egan-Jones Proxy Services previously recommended that the company's shareholders vote for Sally Frame Kasaks, Malcolm Elvey and Norman Matthews at the 2009 annual meeting on July 31.

RiskMetrics also recommended against Dabah's bylaw restoration proposal, the release said.

"Under the current board and management team, the Children's Place has been revitalized and is now positioned as a leading value-oriented retailer of children's apparel and accessories," Children's Place director and interim chief executive officer Chuck Crovitz said in a news release.

"We urge stockholders to follow the recommendation of RiskMetrics and the other three proxy voting advisory firms and vote to protect the value of their investment by supporting the company's independent nominees," Crovitz said.

Dabah heads the Committee of Concerned Shareholders of the Children's Place, which nominated Raphael Benaroya, Jeremy Fingerman and Ross Glickman for election to the board.

The committee said previously that Crovitz is "grossly over-compensated" and receives perquisites that include weekly round trip airfare for two to his residence in Martha's Vineyard, Mass., and a $2,000-per-month furniture allowance.

As previously reported, Children's Place recently challenged Dabah's assertions that he is not seeking control of the Secaucus, N.J., specialty retailer. Dabah and his father-in-law, Stanley Silverstein, are existing members of the board.

Children's Place said that if his nominees are elected, Dabah will have designated five of the board's nine directors. Dabah and his nominees intend to recommend to the board that Benaroya be appointed CEO if Benaroya is interested in the position, according to a prior Children's Place news release.

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