Herbert Kurz, the chairman of Presidential Life Corp., says he wants to replace the company’s other directors with a new slate of directors.
Kurz, part of a family that controls about a third of the stock of Presidential Life, Nyack, N.Y. (Nasdaq:PLFE), plans to ask other company shareholders for permission to remove the other directors, Presidential Life says in its third-quarters earnings release.
“The company believes that the consent solicitation is not in the best interests of all shareholders and that the current board of directors and senior management team are best placed to deliver long-term shareholder value,” Presidential Life says. “The company will respond to Mr. Kurz at the appropriate time.”
The Presidential Life board has changed the company by-laws to “provide for a mechanism for setting a record date for action by the stockholders by written consent,” the company says.
The new record date by-law “is designed to ensure that stockholders have a full and fair opportunity to consider any action proposed to be taken by written consent,” the company says.
Presidential Life also has appointed William Trust Jr. to be the lead independent director. Trust, a company director since May 2008, is a principal at Innovation Management Consulting, New City, N.Y.