Crown Crafts Inc., a Gonzales-based baby products maker, will reduce the size of its board of directors to five members from seven at the Aug. 13 annual shareholders meeting.
This means Crown Chairman, President and Chief Executive Officer E. Randall Chestnut will be the only director nominated for re-election at the meeting. Directors Jon C. Biro and Melvin L. Keating, whose terms expire at the meeting, will not be up for re-election. Both have served on the board since 2010, after being nominated by Crown’s largest shareholder, The Wynnefield Group.
The investment fund had pushed for Crown Crafts to make changes in its business plan that would grow the company’s value.
At the time, Biro was chief financial officer of Houston-based Consolidated Graphics Inc., a $500 million commercial printing company. Keating once headed Alliance Semiconductor Corp., a global maker of semiconductors no longer in business.
Chestnut said a smaller board will reduce board-related expenses and is in line with best practices for corporate governance.
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