Two Crown Crafts directors re-elected, one Wynnefield nominee joins board

By Lisa Kerner

Charlotte, N.C., Aug. 17 - Two of Crown Crafts, Inc.'s nominees were re-elected to the board of directors at the company's annual meeting on Tuesday.

Preliminary results show that E. Randall Chestnut and William T. Deyo, Jr. and Wynnefield Partners Small Cap Value, LP's nominee Frederick G. Wasserman were elected.

Wynnefield, Crown Crafts' largest shareholder, recently declined any customary reimbursement for the costs of its proxy campaign to elect two independent directors to the company's board.

As previously reported, the investor had offered a compromise agreement in the proxy battle. Under the agreement, Wynnefield would drop its opposition to the re-election of Deyo and Steven E. Fox as directors of the company. Crown Crafts would then be asked to agree to a number of terms including increasing the size of its board to nine members and the election of Wasserman and Nelson Obus.

Wynnefield has been critical of Crown Crafts for not addressing its declining sales, flat operating income and "deteriorating shareholder value."

Crown Crafts is a Gonzales, La., distributor of infant and juvenile products.

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