HIGHLAND HEIGHTS, Ky., Feb 26, 2010 (BUSINESS WIRE) -- General Cable Corporation (NYSE: BGC), today announced that its Board of
Directors will ask stockholders to approve amendments to the Company's
Certificate of Incorporation that would declassify the Board beginning
with the 2010 Annual Meeting of Stockholders. In addition, the Company
announced that its Board of Directors has amended its Amended and
Restated By-laws and its Corporate Governance Principles and Guidelines
effective immediately to provide for a majority voting standard for the
election of directors in uncontested elections.
Currently, directors are divided into three classes and are elected to
staggered, three-year terms. If the proposed amendments are approved by
the Company's stockholders, beginning with the May 13, 2010 Annual
Meeting, nominees for director whose terms expire at each year's Annual
Meeting will be elected for one-year terms. Beginning with the 2012
Annual Meeting, all director nominees will be elected for one-year
terms. Under the proposed amendments, at the May 13, 2010 Annual
Meeting, the Company's Nonexecutive Chairman, John E. Welsh III, whose
term is expiring, would be nominated to serve a one-year term.
John E. Welsh III, Nonexecutive Chairman of the Board, said, "For many
years the Board of Directors and the Company have proactively and
voluntarily taken actions to the benefit of stockholders and adopted
best practice policies in regard to corporate governance. This voluntary
action is the latest in a long-line of governance changes reflecting
best practices."
General Cable (NYSE:BGC), a Fortune 500 Company, is a global leader in
the development, design, manufacture, marketing and distribution of
copper, aluminum and fiber optic wire and cable products for the energy,
industrial, specialty and communications markets. For more information
about General Cable, visit our website at www.generalcable.com.
Certain statements in this press release, including without
limitation, statements regarding future financial results and
performance, plans and objectives, capital expenditures and the
Company's or management's beliefs, expectations or opinions, are
forward-looking statements. Actual results may differ materially from
those statements as a result of factors, risks and uncertainties over
which the Company has no control. Such factors, risks, and uncertainties
are more fully discussed in the Company's Report on Form 10-K, as
amended, originally filed with the Securities and Exchange Commission on
March 2, 2009, as well as periodic reports filed with the Commission.
SOURCE: General Cable Corporation
General Cable Corporation
Michael P. Dickerson, 859-572-8684
Vice President of Finance and Investor Relations
