Presidential Life Corp. (Nasdaq:PLFE) has criticized efforts by a former chief executive to reinstate himself as CEO and install a new slate of directors.
Presidential Life Nyack, New York, says it is rejecting the nominations of former CEO Herbert Kurz, which were filed in preliminary proxy materials, because the documents do not comply with the company’s advance notice bylaw provision.
Kurz also made an earlier attempt to reinstate himself as CEO and nominate a slate of directors.
Kurz’s new proxy campaign disregards the conclusions of an investigation by the New York Insurance Department into allegations of misconduct by Kurz and his family foundation, the company says.
In June, the department found that Kurz and the foundation had “engaged in untrustworthy conduct that renders them unsuitable to serve as controlling persons of Presidential Life,” the company says.
After the department issued its findings, Kurz tendered his resignation from the company’s board of directors, the company says.
Kurz’ second attempt to nominate a handpicked slate of directors comes 6 months after he failed to garner sufficient independent support to succeed with a similar campaign, the company says.
“After failing once before to generate the necessary support from independent stockholders or proxy advisory firms, he is once again wasting company resources and diverting management’s focus,” William Trust Jr., the non-executive chairman of Presidential Life, says in a statement.