Phoenix seeks shareholder support
In the letter, Phoenix outlined its fiscal and business gains since 2003, including tripling life insurance sales and generating 17 percent compound annual growth in earnings per share. The letter, signed by Dona Young, chairman, president and CEO of Phoenix and Peter Browning, the company's lead director and chair of its executive committee, stated that "it is not the time to interrupt our progress," and that Oliver Press "offers no new ideas."
The vote on the board's five positions up for election will occur during the annual shareholders meeting on May 2 and Phoenix is asking its shareholders to vote for their nominees. Oliver Press is a New York-based investment management company that owns approximately five percent of Phoenix stock and has been pushing for change at the company.
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