NEWTON, Iowa, March 14 /PRNewswire-FirstCall/ -- The board of directors of
Maytag Corporation (NYSE: MYG) as announced in its preliminary proxy statement
file today, approved amending the company's bylaws to provide that directors
be elected on an annual basis. This amendment is subject to shareholder
approval.
(Logo: http://www.newscom.com/cgi-bin/prnh/20000505/MYGLOGO )
Currently, Maytag's board operates as a "classified" board, meaning three
or four directors are elected each year for a three-year term, thus staggering
the terms. If the bylaw amendments are approved by shareholders, the board
would be "declassified" with directors being elected each year for a one-year
term. Maytag shareholders will be asked to vote on this proposal at the annual
meeting, which is scheduled for May 12. Proxy materials related to the meeting
are expected to be mailed to shareholders on or about April 4.
The board's action is in response to previous shareholder votes requesting
that the board be declassified. "The board has listened and responded to its
shareholders who believe this change is in the best interest of the company,"
said Ralph F. Hake, Maytag chairman and CEO. "While the board believes that
classifications of directors promoted continuity and stability on the board,
careful consideration was given to all relevant factors including our
shareholders' wishes. Given this, the board supports the change and will urge
our shareholders to approve these amendments."
If at least two-thirds of the shares outstanding approve the amendments at
the May 12 meeting, the four directors who are nominated for election in 2005
will be elected for one-year terms. Directors not up for re-election this year
will serve the remainder of their three-year terms.
Maytag Corporation is a leading producer of home and commercial
appliances. Its products are sold to customers throughout North America and
in international markets. The corporation's principal brands include
Maytag(R), Hoover(R), Jenn-Air(R), Amana(R), Dixie-Narco(R) and Jade(R).
Media Contact: Karen Lynn
Maytag Corporate Communications
(641) 787-8185
klynn2@maytag.com
SOURCE Maytag Corporation
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Related links:
http://www.maytagcorp.com
Photo Notes:http://www.newscom.com/cgi-bin/prnh/20000505/MYGLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Media, Karen Lynn, Maytag Corporate
Communications, +1-641-787-8185, klynn2@maytag.com
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