NEW YORK, June 3 /PRNewswire/ -- P. Schoenfeld Asset Management LP (PSAM) announced today that its proposal to declassify Saks Incorporated's (NYSE: SKS) Board of Directors was overwhelmingly endorsed by Saks' shareholders at Saks' annual meeting today, based on the estimates provided to it by MacKenzie Partners, Inc., its proxy solicitation firm. The New England Carpenters' Pension Fund's proposal, which PSAM supported, to have the Board adopt a majority voting standard for the election of Board members also earned the support of a majority of the votes cast at the meeting. "Saks' shareholders have sent a strong message that they would like a Board that is more accountable to them and more rigorous in its oversight of management," said Peter Schoenfeld, Chairman and Chief Executive Officer of PSAM. "We are very appreciative of the support our fellow shareholders have shown us in our effort to improve Saks' corporate governance. We trust the Board will respect the wishes of shareholders and implement the declassification recommendation on an expedited basis. We believe that shareholders will approve a Board declassification amendment to Saks' certificate of incorporation by the required 80% of outstanding shares vote if the Board presents and provides genuine support to such a proposal." The approval of the declassification and majority voting proposals also was acknowledged by Saks' Chairman and Chief Executive Officer Stephen Sadove at the meeting following the close of voting. Official results of the vote are expected from the independent inspector of elections within the next couple of weeks. DATASOURCE: P. Schoenfeld Asset Management LP CONTACT: Steve Bruce, or Chuck Dohrenwend, The Abernathy MacGregor Group, +1-212-371-5999; or Laurie Connell, +1-212-929-5500, , or Keith Parnell, 1-800-322-2885, , both of MacKenzie Partners, Inc.

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