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Stilwell nominee fails to secure seat on Wayne Savings Bancshares board

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Stilwell nominee fails to secure seat on Wayne Savings Bancshares board

Activist investor Joseph Stilwell's director nominee for Wayne Savings Bancshares Inc., Stephen Burchett, failed to get elected to the company's board.

Under the company's plurality voting rules, the two nominees who get the most votes are named to the board — the company's nominees Daniel Buehler and Debra Marthey respectively had 2,329,195 shares and 1,180,218 shares vote in their favor, as opposed to the 1,143,968 shares that voted in favor of Burchett.

In early May, the Wayne Savings board urged shareholders to reject Stilwell's nominee, saying that among other things, Burchett, had no stake in the Wooster, Ohio-based company, with his "ownership" granted to him by the Stilwell group contingent on a sale of the company by May 2020. Proxy advisory firms Institutional Shareholder Services and Glass Lewis & Co. also both recommended that shareholders vote in favor of the board's nominees.