WisdomTree Defies Will of Stockholders with Appointment of Win Neuger as Board Chair
Board Rejects Opportunity to Demonstrate True Board Refreshment and Delivers a Rebuke to Stockholders
WisdomTree Stockholders Should Voice their Views to the Board and not Accept Another Year of Business as Usual
NEW YORK, June 30, 2023 (GLOBE NEWSWIRE) -- ETFS Capital Limited ("ETFS Capital"), the largest combined owner of common stock, $0.01 par value (the "Common Stock"), and Series A Non-Voting Convertible Preferred Stock (the "Series A Preferred Stock") of WisdomTree, Inc. ("WisdomTree" or the "Company") (NYSE:WT), with ownership of approximately 10.2% of the outstanding Common Stock, which together with its Series A Preferred Stock would represent approximately 18.3% of the Company's outstanding Common Stock on an as-converted basis, today commented on the the WisdomTree board of director's (the "Board") decision to appoint long-tenured director, Win Neuger as Chair of the Board.
Mr. Neuger received the most withheld votes of any incumbent director at the 2023 annual meeting of stockholders, other than the Company's previous Chair Frank Salerno, who failed to be reelected to the Board. Mr. Neuger's appointment as Chair, is a rebuke to stockholders who, along with proxy advisor Institutional Shareholder Services ("ISS") in its report, sent a clear message to WisdomTree that urgent and meaningful Board change was required.
In appointing Mr. Neuger as Chair, the Board has once again rejected an opportunity to demonstrate a commitment to true Board refreshment. As highlighted by ISS, and reflected in the significant withheld votes for Mr. Neuger and Mr. Salerno, the Board continues to maintain a two-tiered structure where only long-tenured and non-diverse directors hold key Board and committee roles. The Board could have easily chosen to elevate directors who are not part of the long-tenured cohort, to key leadership roles. ETFS Capital believes these more recent additions to the Board are more likely to act as independent fiduciaries for stockholders, who can hold management to account.
ETFS Capital calls on its fellow WisdomTree stockholders to voice their views to the Board, who despite any assurances they may have made in their recent campaign, have demonstrated once again that they cannot be trusted to do the right thing for stockholders.
About ETFS Capital Limited
ETFS Capital is a London-based strategic investment company focused on growth opportunities across the ETF ecosystem. As part of its investment process, ETFS Capital receives and analyses many dozens of business ideas and proposals within the ETF ecosphere each year and conducts in-depth technical and commercial due diligence on the companies where it chooses to deploy capital. Thereafter it engages in a hands-on approach, as a partner to management teams and Boards bringing its unparalleled industry-specific expertise for the benefit of those companies.
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Martyn James
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