The Deal Reports on Client Marathon Partners’ Proxy Contest Victory at Shutterfly
The Deal reported that Olshan client Marathon Partners was successful in getting two of its three director nominees elected at Shutterfly’s recent Annual Meeting of Shareholders. The voting results revealed the largest negative say-on-pay vote in recent history, reflecting strong shareholder concerns with Shutterfly’s executive compensation plan. The article suggests that in order to satisfy shareholders, Shutterfly will have to reform its compensation plans, improve its share price or sell itself. Olshan attorneys Andrew Freedman and Meagan Reda advised Marathon Partners in its Shutterfly proxy campaign.