CommScope Stockholders Approve Proxy Proposals

Rhea-AI Summary

CommScope stockholders approved seven proxy proposals at the annual meeting, including an amendment to eliminate the classified structure of the Board of Directors. Directors Mary S. Chan, Stephen C. Gray, L. William Krause, and Derrick A. Roman were re-elected for terms ending in 2022. The appointment of Ernst & Young LLP as the independent auditor for fiscal 2021 was ratified. Additional approvals included compensation for named executive officers and selective performance-based retention equity awards. Series A Convertible Preferred Stockholders re-elected Patrick R. McCarter as a director.

Positive

• Approval to eliminate the classified structure of the Board enhances governance and may improve stockholder engagement.
• Re-election of experienced directors provides stability and continuity in leadership.

Negative

• None.

The stockholders of CommScope Holding Company, Inc., a global leader in network connectivity solutions, approved seven proxy proposals today at the company’s annual meeting of stockholders.

CommScope stockholders approved an amendment to the Company’s amended and restated certificate of incorporation to eliminate the classified structure of the Company’s Board of Directors. CommScope stockholders also re-elected Mary S. Chan, Stephen C. Gray, L. William Krause and Derrick A. Roman as directors, each for a term ending at the 2022 annual meeting, and ratified the appointment of Ernst & Young LLP as the company’s independent registered public accounting firm for the 2021 fiscal year. The stockholders also approved, on a non-binding advisory basis, the compensation of the company’s named executive officers. In addition, the stockholders approved the termination of certain executive performance options and the grant of selective performance-based retention equity awards, as well as additional shares under the company’s 2019 Long-Term Incentive Plan. Additionally, the holders of Series A Convertible Preferred Stock, voting as a separate class, re-elected Patrick R. McCarter as a director for a term ending in 2022.

About CommScope:

CommScope (NASDAQ: COMM) is pushing the boundaries of technology to create the world’s most advanced wired and wireless networks. Our global team of employees, innovators and technologists empower customers to anticipate what’s next and invent what’s possible. Discover more at www.commscope.com.

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Source: CommScope

View source version on businesswire.com: https://www.businesswire.com/news/home/20210507005513/en/

FAQ

What proposals were approved by CommScope stockholders at the annual meeting?

CommScope stockholders approved seven proxy proposals, including eliminating the classified structure of the Board and re-electing directors.

Who were re-elected as directors of CommScope?

Mary S. Chan, Stephen C. Gray, L. William Krause, and Derrick A. Roman were re-elected for terms ending at the 2022 annual meeting.

What accounting firm was ratified as the independent auditor for CommScope in 2021?

Ernst & Young LLP was ratified as the independent auditor for the fiscal year 2021.

What changes were made regarding executive compensation at CommScope?

Stockholders approved an advisory compensation package for the named executive officers and granted selective performance-based retention equity awards.

Who was re-elected as a director by Series A Convertible Preferred Stockholders?

Patrick R. McCarter was re-elected as a director for a term ending in 2022.