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Grubb & Ellis asks shareholders to re-elect director nominees Dec. 3
By Lisa Kerner
Charlotte, N.C., Nov. 25 - Grubb & Ellis Co. reached out to its shareholders one more time, seeking support for its slate of director nominees at the annual meeting on Dec. 3.
Shareholders were asked to re-elect directors Harold H. Greene, Devin I. Murphy and D. Fleet Wallace in a Nov. 24 letter from the board and interim chief executive officer Gary H. Hunt.
The board asked shareholders to reject former director Anthony Thompson and his "self-serving" proxy campaign.
In October, Thompson nominated himself; Stuart A. Tanz, a former candidate for the company's CEO position; and company co-founder Harold A. Ellis Jr. for election to the board.
According to Grubb & Ellis, Glass, Lewis & Co., Egan-Jones Proxy Services and, most recently, RiskMetrics Group/ISS recommended shareholders vote for the company's nominees and reject Thompson and his dissident slate.
Thompson resigned from the Grubb & Ellis board shortly after the company merged with NN Realty Advisors to start Thompson National Properties, it was previously reported.
In a Nov. 21 letter, Thompson, Ellis and Tanz urged their fellow shareholders to "see through the board's cunning electioneering" and realize that Grubb & Ellis "is not well."
Thompson cited the deterioration of the company's financial performance and plunging stock price as well as the turnover in key management and the lack of a permanent CEO.
Grubb & Ellis said it believes Thompson ultimately wants to control Grubb & Ellis, install Tanz as CEO and cause the company to buy or absorb Thompson National Properties, it was previously reported.
The board rejected Thompson's earlier request to be reappointed four months after he resigned.
Thompson has a 13.3% stake in the Chicago-based real estate services and investment management firm.
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