09.06.2008 12:30:00
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Rackable Systems Wins Proxy Contest on All Proposals
Rackable Systems, Inc. (NASDAQ:RACK), a leading provider of servers and
storage products for large-scale data centers, announced today the
pre-certified results of its stockholder votes from the company's 2008
Annual Meeting of Stockholders held on May 29, 2008.
Rackable Systems’ stockholders have rejected
all proposals made by Richard L. Leza, Jr., a dissident stockholder with
3000 shares of Rackable Systems stock, including an uninvited attempt by
Mr. Leza to place himself and a colleague, Steve Montoya, a 500 share
stockholder, on the company’s Board. In
addition to the re-election of all incumbent directors, shareholders
voted to reject the dissidents’ proposed "say-on-pay”
proposal. Further, Deloitte & Touche was re-appointed to serve as the
company’s independent auditors for the 2008
fiscal year.
"We are gratified to have Rackable Systems’
leadership and direction validated by all of the shareholder advisory
firms and our stockholders,” said Mark J.
Barrenechea, President and Chief Executive Officer of Rackable Systems,
noting that only 3% of votes cast were in favor of the dissident’s
Board nominees. "While we remained focused on
the business during this proxy contest and at all times, we truly
appreciate stockholder recognition of the ongoing contributions of our
active, involved and experienced Board of Directors.”
Earlier this year, the company underscored its progress in assembling a
world-class management team, and in enhancing its Board by electing two
new highly qualified Directors. "On behalf of
the entire Rackable Systems' Board, I want to thank all of our
stockholders for their continued support throughout this proxy process,”
said Rackable Chairman Ron Verdoorn. "It is
indeed gratifying to receive this vote of support. The Board remains
deeply committed to representing the best interests of stockholders
while maximizing shareholder value.” About Rackable Systems
Rackable Systems, Inc. (NASDAQ:RACK) is a leading provider of
Eco-Logical(TM) servers and storage products for large-scale data center
deployments. The company's products are designed to provide benefits in
the areas of density, thermal efficiency, serviceability, power
distribution, data center mobility and remote management. Founded in
1999 and based in Fremont, California, Rackable Systems is a founding
member of The Green Grid and serves Internet, enterprise software,
federal government, entertainment, financial services, oil and gas
exploration and high performance-computing customers worldwide.
Rackable Systems and Eco-Logical are trademarks or registered trademarks
of Rackable Systems(R), Inc
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