ETFS Capital Nominee Tonia Pankopf Elected and Long-Tenured Chair Frank Salerno is Removed from the Board
Stockholders Have Delivered a Mandate to Reassess WisdomTree’s Persistent Underperformance, Refocus the Company and Hold Management to Account
Board has an Obligation to Substantially Reconstitute Leadership and Composition of Key Committees to Demonstrate True Refreshment
NEW YORK, June 16, 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 thanked fellow stockholders for their support of ETFS Capital’s nominees at the 2023 annual meeting of stockholders.
The election of ETFS Capital nominee Tonia Pankopf to the board of directors of the Company (the “Board”) and the removal of the Company’s long-tenured Board Chair Frank Salerno is a strong message from stockholders that the Board is in urgent need of meaningful change. Furthermore, Win Neuger, Chair of the Nominating and Governance Committee, received significant opposition with more than one-third of the shares voted at the annual meeting being against him based on preliminary results*.
ETFS Capital, on behalf of all stockholders, calls on the Board to heed the voices of stockholders who delivered a clear mandate and direction to the Board to reassess the causes of the Company’s persistent underperformance, refocus WisdomTree around its core strengths, and to act as independent fiduciaries for stockholders by holding management to account.
In addition, the Board has an obligation to demonstrate a commitment to stockholders to remove its long-tenured directors from key committee positions and to pursue true refreshment by reconstituting the leadership and key committees of the Board to include a plurality of independent views, experience, and expertise, particularly those of the more recently appointed directors.
ETFS Capital intends to remain an engaged, constructive, and vigilant stockholder of WisdomTree.
*The preliminary vote count is subject to certification by the independent inspector of elections.
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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Dan Gagnier / Riyaz Lalani