BUFFALO, N.Y., March 20, 2018 (GLOBE NEWSWIRE) -- CTG (NASDAQ:CTG), a leading provider of information technology (IT) solutions and services in North America and Western Europe, today announced that the Board of Directors will unanimously recommend to its shareholders a corporate governance initiative to eliminate its classified Board structure and transition to a single class of directors to be elected annually. This proposed initiative represents the Company's continued actions and ongoing commitment to serve the long-term interests of all CTG shareholders.
The Board of Directors voted unanimously to submit a proposal to the Company's shareholders to declassify the Board by amending its Restated Certificate of Incorporation and Restated Bylaws at its 2018 annual meeting of shareholders, scheduled to be held on July 26, 2018. CTG's Board is currently partitioned into three classes, with each director elected for a three-year term. If shareholders approve the proposal, all directors elected on or after the 2021 annual meeting of shareholders will be subject to annual elections. The full text of the proposal will be included in the Company's proxy statement, which will be filed in advance of its 2018 annual meeting of shareholders and will require the approval of the holders of two-thirds of the outstanding shares of CTG’s common stock.
“The CTG Board believes that a robust corporate governance program is vital to creating long-term shareholder value," stated CTG’s Chairman of the Board, Daniel J. Sullivan. "The recent initiatives to refresh our Board, modify our director and executive compensation program, and the proposal made today to declassify the Board reflect our commitment to strong corporate governance and alignment with the Company's shareholders. The Board and the entire Company remain highly focused on executing against our strategic plan and financial objectives.”
About CTG
CTG (NASDAQ:CTG) provides industry-specific IT services and solutions that address the business needs and challenges of clients in high-growth industries in North America and Western Europe. CTG also provides strategic staffing services for major technology companies and large corporations. Backed by more than 50 years of experience and proprietary methodologies, CTG has a proven track record of reliably delivering high-value, industry-specific staffing services and solutions to its clients. CTG has operations in North America, Western Europe, and India. The Company regularly posts news and other important information online at www.ctg.com.
