Stanley Furniture names Justyn Putnam to board; heads off potential proxy fight

Stanley Furniture said it has named Justyn Putnam to its board of directors, heading off a potential proxy fight with a pair of investment funds who had nominated two people to the board.

Putnam is a managing member of Talanta Investment Group, an investment fund that recently teamed with Hale Partnership Fund to buy 8.9% of Stanley’s stock.

Stanley said Putman and Glenn Prillaman, the company’s president and CEO, would be the only two people nominated as directors for the upcoming annual meeting. The two investment funds have agreed to withdraw their nominees, the company said.

“We are pleased to have reached an agreement with the Hale-Talanta Group and believe this is in the best interests of the company and its shareholders,” said Prillaman. “We welcome Mr. Putnam to the board and expect to benefit from his financial expertise and knowledge of the company as we work together to continue the company’s progress,” concluded Prillaman.

Prillaman and Putnam will serve three-year terms on the board. One other board member, D. Paul Dascoli, has said he will not seek re-election because he recently accepted new employment.