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Published on: 5/20/2008
Last Visited: 5/20/2008
"It takes some time to tabulate" the votes, Insituform's president and chief executive, John "Joe" Burgess, said after the meeting.
Chesterfield-based Insituform asked shareholders to re-elect its current seven board members, while dissident shareholder Water Asset Management LLC offered its own five-person slate.The New York-based investment company also proposed that shareholders reduce the board to six members.
Insituform, which repairs water, sewer and other piping systems without ground disruption, held its shareholders gathering in Memphis because its main U.S. manufacturing facility is in Batesville, Miss., about 60 miles south.>
Burgess and Matthew Diserio, president of Water Asset, each declined Monday to predict the makeup of the new board, but both defended their nominees.
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"I expect that most of the (current) board will be retained," said Burgess, who joined the company in April and holds a spot on the board.
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But the company posted a 9 percent gain in revenue during the first quarter, and Burgess said Monday that Insituform's U.S. business is improving.
After Monday's meeting, Burgess could not say how much the election would cost the company.
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Seated in a hall of the Memphis country club where the meeting was held, Burgess said the election won't significantly alter the direction of the company, and he played down the impact of any change in the board.
While the directors influence the company's direction, Burgess said, "at the end of the day, it's the management that has a responsibility to develop and (implement) the strategy."
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