Holders of a majority of outstanding shares of Spanish Broadcasting System Series B Preferred Stock have selected two candidates for election to the company’s board. They’ll elect two directors at SBS’s upcoming 2014 Annual Meeting of Stockholders to be held in Miami 6/6.
The company was informed of the selection in a letter by Lehman Brothers Holdings, which holds 38.8% of the Series B Preferred Stock. Lehman is currently making distributions for the benefit of its creditors pursuant to its court-approved bankruptcy plan.
The preferred shareholder nominees are Alan Miller and Gary Stone, who bring a diverse set of expertise, professional experience and relevant industry knowledge to the role of independent director.
Stone has over 40 years of radio broadcasting experience, including 30 years in Spanish media, and was COO of Univision Radio for 10 years.
Miller, a retired senior partner of the law firm Weil, Gotshal & Manges, LLP, has extensive experience serving on company boards and a track record of creating shareholder value.