Activist investor Land & Buildings Investment Management LLC nominated founder and chief investment officer Jonathan Litt to the board of directors of regional mall real estate investment trust Taubman Centers Inc.
The nomination is part of the investor's ongoing call for change at Taubman, particularly the elimination of the company's dual-class voting share structure, which Land & Buildings said gives the founding Taubman family undue influence over the company.
The firm plans to submit a nonbinding proposal at Taubman's annual meeting for the company to offer and exchange shares of common stock for its series B convertible preferred stock, most of which is owned by the Taubman family. Litt, in a letter to shareholders, said a simpler solution to the issue of the series B stock, and called on the company's board to form a special committee of independent directors to develop a plan and timeline for eliminating the stock.
Litt said his election to the board "could avoid a costly proxy contest, address the glaring need for a true shareholder representative on the board and demonstrate a willingness to listen to its common shareholders."
Taubman did not immediately respond to a request for comment.