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Envela Corp (NYSE:ELA) announced Tuesday that shareholders approved all proposals at its annual meeting held June 25 at the company’s corporate office in Irving, Texas. The information is based on a press release statement and a recent SEC filing.
Shareholders elected John R. Loftus, Jim R. Ruth, Alexandra C. Griffin, Richard D. Schepp, Vicky C. Teherani, and Vince A. Ackerson to the board of directors. Mr. Ackerson will begin his term on July 14, 2025, and Ms. Teherani will start on September 30, 2025, according to the filing.
In addition to the board elections, shareholders ratified the appointment of Whitley Penn LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2025. The ratification received 24,083,088 votes in favor, 4 votes against, and 28,037 abstentions.
An advisory vote on executive compensation was also approved, with 21,599,014 votes in favor, 28,274 against, and 37,436 abstentions. Shareholders voted to hold future advisory votes on executive compensation every three years, as indicated by 20,633,625 votes for a three-year frequency, compared to 968,575 for one year and 25,247 for two years.
The meeting also saw the adoption of Envela’s 2025 Equity Incentive Plan, with 21,612,775 votes in favor, 23,121 against, and 28,828 abstentions.
A total of 24,111,129 shares, representing 92.75% of outstanding common stock eligible to vote as of the May 13, 2025 record date, were represented at the meeting in person or by proxy.
All results and information are drawn from the company’s SEC Form 8-K filing.
In other recent news, Envela Corporation has revised its bylaws to adjust the size of its Board of Directors, as detailed in a recent 8-K filing with the Securities and Exchange Commission. The changes, effective April 17, 2025, specify that the board will now consist of a minimum of five and a maximum of seven directors. This amendment aims to provide more flexibility in governance and oversight. Additionally, any vacancies on the board can be filled solely by a majority vote of the remaining directors, who will serve for the full term of the vacated position. This move is part of Envela’s ongoing efforts to streamline its corporate governance structure. The updated bylaws are detailed in Exhibit 3.1 of the 8-K report filed today. This development reflects Envela’s commitment to maintaining a dynamic and responsive board structure. The amended bylaws are available for public review.
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