Breeden to propose slate of directors |
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Wed, 27 Jun 2007 17:28
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KANSAS CITY, Mo. (AP) - Breeden Capital Management LLC, which last month gained two seats on the board of restaurant chain Applebee's, said Wednesday it is turning its attention to tax preparation firm H&R Block Inc.Investors welcomed the news, sending Kansas City-based H&R Block's share price up $1.18, or 5.4 percent, to $23.18 midday Wednesday.The Greenwich, Conn.-based investment fund, which owns 1.86 percent of H&R Block's shares, said it will propose three board members at the company's annual meeting, scheduled for Sept. 6.Richard Breeden, the fund's chief executive officer and a former chairman of the Securities and Exchange Commission, said he will seek seats for himself and two others.He said H&R Block's stock performance has suffered as it ventured into areas outside the tax preparation arena, including lending to people with poor credit, securities brokering and opening its own bank last year.'As shareholders, we believe that five years is long enough to wait for H&R Block to achieve attractive returns for shareholders,' Breeden said in a news release. 'This board needs fresh perspectives and new energy, which we intend to supply.'A spokesman for H&R Block didn't immediately return a phone call seeking comment.Breeden has focused on shaking up companies he believes are underperforming.That was the case for Overland Park, Kan.-based Applebee's International Inc., which Breeden said had let down shareholders as it struggled with a decline in customers and same-store sales. He advocated that the company rein in its expansion plans and sell some of its company-owned stores.Following a brief proxy fight, Applebee's said in April it would expand its 12-member board by two and give those seats to Breeden and an ally.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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