- Dex Media (DXM) slipped 8.3% today, and a newly filed 8-K details that two board members tendered resignations after shareholders voted against their election -- but that the board refused to accept the resignations.
- Thomas Gardner and Thomas Rogers received more votes against than for their election to Dex's board, and offered their resignations in accordance with bylaws.
- The company's Corporate Governance Committee recommended to the full board not to accept the resignations, and the independent members of the board unanimously agreed -- which means despite losing the election, Gardner and Rogers will have terms extended until the 2016 annual meeting.
- Shareholders also voted down the executive compensation proposal, 5.08M votes to 3.15M votes.
- Aside from Gardner and Rogers, six other board members were elected.