All Three Proxy Advisory Firms Side With Genesco Ahead of July 21 Vote

All three major independent proxy advisory firms have sided with Genesco Inc.'s existing board ahead of the footwear retailer's annual shareholder meeting set for July 21, dealing a setback to activist investor Bradley Radoff's push for boardroom change.

Glass Lewis, Egan-Jones, and Institutional Shareholder Services each recommended shareholders back all nine of the Nashville-based company's director nominees using the white proxy card, rather than any alternative candidates put forward by Radoff and the Jumana Group. In its assessment, Glass Lewis suggested the dissident campaign hadn't laid out a convincing rationale or a clearly defined alternative strategy, while also crediting current leadership under CEO Sandy Vaughn with steering the company through a period of strengthening results. The firm pointed to an ongoing strategic push that seems to be lifting operational performance, shareholder returns, and forward guidance, framing Radoff's shorter, less-defined effort as insufficient grounds to unseat sitting directors.

Egan-Jones reached a similar conclusion, tying its endorsement to signs that the company's Footwear First strategy is taking hold, evidenced by improving cash flow, gradual profitability gains, and early wins in repositioning its Journeys chain and remodeling stores. The firm also cited Genesco's stock performance as a signal that investors are warming to the new direction.

In response to the recommendations, Genesco reiterated its call for shareholders to reject Radoff's nominees entirely and cast every vote for the company's own slate. The retailer, which operates more than 1,200 stores across brands including Journeys, Schuh, Little Burgundy, and Johnston & Murphy, has framed the contest as a distraction from strategic momentum it says is already paying off.

The company directed shareholders with questions to its proxy solicitor, Innisfree M&A, and noted that its definitive proxy statement — filed with the SEC on June 15 — along with the white proxy card, is available free of charge through the SEC's website or VoteGenesco.com.

The outcome of the vote will determine whether Radoff's activist campaign gains any foothold on Genesco's board, or whether the incumbent directors retain full control as the company continues its turnaround push.