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Wednesday, Dec 6, 2023

Proxy Battle Brews at Superior

Superior Industries International Inc. faces a proxy battle at its upcoming annual meeting against a New York private investment firm. Gamco Asset Management Inc. of Rye, N.Y. wants to put three members on the seven-member board of the Van Nuys manufacturer of aluminum wheels at the Aug. 15 meeting. In a letter dated Tuesday, Superior recommended shareholders reject the Gamco board candidates because the investment firm had not offered arguments as to why they are more qualified than the board-chosen candidates, nor has Gamco presented a plan to improve Superior’s financial performance. In 2013, Gamco was unsuccessful in getting candidates on the Superior board. “Like last year, all of Gamco’s director candidates are investment professionals with no executive-level manufacturing or automotive industry experience,” a letter to shareholders said. Last month, Gamco had made an offer to purchase $40 million in outstanding Superior shares that it later withdrew. Shares closed down 2 cents, or less than 1 percent, to $20.51 on the New York Stock Exchange.

Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.

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