Route1 founder to present slate of directors

Andrew White, founder, president and CEO, director, and an owner of 8.5% of the common stock of Route1 Inc. intends to nominate a slate of directors to replace the existing board of directors at the company's annual general and special meeting on August 19, 2009. White is proposing to nominate Mike Harris, former premier of Ontario, as chair of the board. Other proposed members of White’s list were not revealed. White approached Ian Currie, current chair of the board, in May 2009 about making changes to the current board to better reflect the needs of the company as it moves into 2010 and beyond. White believe that the current board is not engaged in supporting management in the furtherance of Route1's business objectives. To date, the Board has resisted making any changes to its composition. "Route1 is currently handicapped by a disinterested board of directors that has provided minimal support to the initiatives of management. I am disappointed that the reaction of the board to my proposed changes is to seek to entrench themselves at the expense of the company," White said in a statement. "As shareholders we expect and deserve to have a board of directors comprised of engaged business leaders who have personally delivered transformative value to shareholders and stakeholders. We want individuals to join our board who want to work with management to deliver on the exceptional shareholder value creation opportunity that is real and present."

Route1 founder to present slate of directors

People | July 20, 2009

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