Street Calls of the Week
Power Solutions International, Inc. (NASDAQ:PSIX), a $2.05 billion market cap company that has delivered an impressive 196% return year-to-date, reported several governance and compensation updates in a press release statement filed Tuesday with the Securities and Exchange Commission. According to InvestingPro data, the company maintains a "GREAT" financial health score, with particularly strong momentum metrics.
On July 23, Kenneth W. Landini resigned from the company’s board of directors and its audit committee, effective the same day. In his resignation letter to Chairman Jiwen Zhang, Landini stated he was not re-nominated due to his insistence on fulfilling fiduciary duties and raised concerns about the board’s approach to exchange listing obligations and management compensation. The board reviewed the letter and stated that it disagreed with Landini’s allegations.
Landini’s term as director was scheduled to end at the company’s 2025 annual meeting of stockholders, held on July 24, as the board had declined to nominate him for re-election.
At the annual meeting, all proposals put to a shareholder vote were approved. The meeting involved 23,008,511 shares of common stock eligible to vote as of May 30.
Shareholders elected Jiwen Zhang, Kui Jiang, Frank P. Simpkins, Courtney C. Shea, Hong He, Gengsheng Zhang, and Fuzhang Yu to the board for one-year terms expiring at the 2026 annual meeting. Vote counts for each director ranged from approximately 12.5 million to 13.5 million in favor, with between 688,000 and 1.7 million votes against, and abstentions under 40,000 for each nominee.
Shareholders also ratified BDO USA, LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2025, with 15,921,121 votes in favor, 1,756,335 against, and 36,367 abstentions.
On an advisory, non-binding basis, shareholders approved the compensation of the company’s named executive officers, with 13,601,665 votes in favor, 601,431 against, and 25,310 abstentions.
Additionally, shareholders approved an amendment to the Amended and Restated 2012 Incentive Compensation Plan, extending its expiration date from May 26, 2026, to May 26, 2028. The measure passed with 13,541,977 votes in favor, 658,400 against, and 28,029 abstentions.
All information is based on a statement filed with the Securities and Exchange Commission.
In other recent news, Power Solutions International, Inc. reported robust first-quarter results for fiscal year 2025, surpassing market expectations in sales and margins. The company achieved a 15% increase in revenues and adjusted EBIT margins that were 250 basis points ahead of consensus. The adjusted EBIT stood at €14 million, a significant improvement from the anticipated €(29) million, driven by strong performance in the Power Solutions segment. Additionally, Power Solutions is set for inclusion in key indexes such as the Russell 3000®, Russell 2000®, and Russell Microcap® following a preliminary announcement from FTSE Russell. This follows the company’s recent addition to the MSCI US Small Cap Index. In another development, Power Solutions announced the departure of General Counsel Randall D. Lehner, effective March 4, 2024. The separation was mutually agreed upon, and Lehner will receive a severance package totaling $407,325.82. These developments reflect ongoing changes and achievements within Power Solutions International.
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