Luby's to Declassify Board of Directors
Luby's, Inc. (NYSE:LUB) today announced that its Board of Directors has unanimously voted to submit and recommend a proposal to shareholders at the annual meeting in 2009 that would amend Luby's certificate of incorporation to declassify its Board.
Over the past several weeks Luby's has held discussions with a number of shareholders concerning possible corporate governance initiatives and, in particular, eliminating Luby's classified Board structure. Luby's takes corporate governance issues raised by its investors seriously and has a long term commitment to strong corporate governance.
Chris and Harris Pappas, Luby's two largest shareholders, intend to vote in favor of the proposal to declassify the Board, which requires an 80% favorable vote of the outstanding stock to be approved.
Luby's shareholders who have any questions or need assistance voting their WHITE proxy card should contact the Company's investor relations department at (713) 329-6808.
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