BOSTON (Reuters) – Activist investor Legion Partners Asset Management LLC wants to take control of Genesco Inc’s board and has nominated seven directors to sit on the specialty retailer’s eight-person board, according to a letter made public in a filing on Monday.
Legion, run by Christopher Kiper, would like the company to consider selling non-core assets and buy back shares. It owns a 5.6% stake in Genesco, which has a market capitalization of $727.8 million.
“We will review the letter from Legion, along with their proposed director candidates, and respond in due course,” the company said in a statement.
With Legion’s board nominees, “Genesco will be able to produce $7.50 in earnings per share (“EPS”) by fiscal 2023 and see its stock double from current levels,” Kiper and Legion managing director Ted White wrote in a letter to other shareholders.
Legion has previously launched campaigns at other retailers including Bed Bath & Beyond Inc, and this year it teamed up with several other activists to take control of department store Kohl’s board.
(Reporting by Svea Herbst-Bayliss; Editing by Steve Orlofsky)
