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CORRECTING and REPLACING Macellum and Ancora Release Presentation Regarding the Urgent Need for Boardroom Change at SpartanNash
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Investor Group is Seeking to Replace Three Extremely Long-Tenured Directors with its Three Highly Qualified and Independent Candidates, Who Collectively Possess Capital Markets Acumen, Corporate Governance Experience and Vast Sector Expertise
Urges Shareholders to Vote for the Investor Group’s Three-Member Slate on the BLUE Proxy Card
NEW YORK--(BUSINESS WIRE)--
Second subheadline and fifth sentence of release dated May 10, 2022, should read: BLUE Proxy Card (instead ofWHITE Proxy Card).
The updated release reads:
MACELLUM AND ANCORA RELEASE PRESENTATION REGARDING THE URGENT NEED FOR BOARDROOM CHANGE AT SPARTANNASH
Investor Group is Seeking to Replace Three Extremely Long-Tenured Directors with its Three Highly Qualified and Independent Candidates, Who Collectively Possess Capital Markets Acumen, Corporate Governance Experience and Vast Sector Expertise
Urges Shareholders to Vote for the Investor Group’s Three-Member Slate on the BLUE Proxy Card
Macellum Advisors GP, LLC and Ancora Holdings Group, LLC (together with their affiliates, the “Investor Group” or “we”), who beneficially own approximately 4.5% of the outstanding common shares of SpartanNash Company (NYSE: SPTN) (“SpartanNash” or the “Company”), today issued a presentation that details the urgent case for change in the Company’s boardroom and summarizes its three director candidates' superior qualifications relative to three long-standing incumbents. As a reminder, the Investor Group has nominated three highly qualified and independent candidates for election to SpartanNash’s Board of Directors at the 2022 Annual Meeting of Shareholders. The Investor Group is seeking to replace three very long-tenured directors who have presided over exceedingly poor capital allocation decisions, corporate governance policies, financial and operating results, and succession planning.
Macellum Capital Management is an activist investment firm, with deep expertise in the retail and consumer sectors, founded in 2009 by Jonathan Duskin. Macellum invests in undervalued companies that it believes can appreciate significantly in value as a result of a change in corporate strategy or improvements in operations, capital allocation or corporate governance. Macellum’s investment team, advisors and network of industry experts draw upon their extensive strategic, operating and boardroom experience to assist companies in designing and implementing initiatives to improve long-term shareholder value. Macellum prefers to constructively engage with management to improve its governance and performance for the benefit of all shareholders. However, when management is entrenched, Macellum has run successful proxy contests to effectuate meaningful change. Macellum has run successful election contests to effectuate meaningful change at many companies, including at The Children’s Place Inc., Citi Trends, Inc., Bed Bath and Beyond and Big Lots, Inc. Learn more at www.macellumcapitalmanagement.com.
About Ancora
Founded in 2003, Ancora Holdings Group, LLC offers integrated investment advisory, wealth management and retirement plan services to individuals and institutions across the United States. The firm's comprehensive service offering is complemented by a dedicated team that has the breadth of expertise and operational structure of a global institution, with the responsiveness and flexibility of a boutique firm. For more information about Ancora, please visit https://ancora.net.
our history of serving the independent grocer dates back 125 years when nash finch first distributed fresh fruit; soon after, spartan stores got its start as grand rapids wholesale company. ever since then, locally owned and operated supermarkets have been our best customers – that’s something we’re proud of and continue to build upon every day. today, here’s what spartannash looks like: • a fortune 500 company with over $7.9 billion in revenue and over 16,000 associates • the second largest publicly traded food distributor in the u.s. • the largest food distributor in terms of revenue, serving 172 military commissaries and over 400 military exchanges in the u.s. alone • operate 21 wholesale distribution centers in 44 states • own and operate 159 supermarkets, 34 fuel centers, and partner with 2,100 independent grocers • market and distribute an extensive line of private brands, including over 8,600 grocery, fresh, general merchandise, health and beauty, and non-food items
