In a recent 8K filing with the Securities and Exchange Commission, Weyco Group Inc. (market capitalization: $302 million) disclosed the outcomes of its 2025 Annual Meeting of Shareholders held on May 6, 2025. The company, which maintains a robust financial health score of "GREAT" according to InvestingPro analysis, continues to demonstrate strong corporate governance. The filing detailed the election of directors, ratification of the company’s independent auditor, and approval of executive compensation by shareholders.
The shareholders elected six directors to Weyco Group’s Board of Directors for one-year terms. The directors, including Tina Chang, John W. Florsheim, Thomas W. Florsheim, Thomas W. Florsheim, Jr., Cory L. Nettles, and Frederick P. Stratton, Jr., received a majority of votes with a varying number of votes withheld and broker non-votes.
Additionally, the appointment of Deloitte & Touche, LLP as the company’s independent registered public accounting firm for the year ending December 31, 2025, was ratified with a significant majority of votes in favor, few against, and some abstentions. Notably, there were no broker non-votes for this proposal.
The compensation of the company’s named executive officers was also approved in an advisory vote, with a substantial number of votes for approval, a smaller number against, and some abstentions, including broker non-votes.
The filing confirmed that there were 9,638,817 outstanding shares eligible to vote at the meeting, based on the record date of March 14, 2025. The information provided in the SEC filing offers a transparent account of the company’s shareholder voting and reflects the corporate governance practices of Weyco Group Inc. According to InvestingPro analysis, the stock currently appears undervalued, with additional insights and a comprehensive Pro Research Report available for subscribers.
In other recent news, Weyco Group Inc. reported a decline in its first-quarter 2025 earnings, with net sales decreasing by 5% to $68 million compared to the previous year. The company’s net earnings fell to $5.5 million, or $0.57 per diluted share, down from $6.7 million in the first quarter of 2024. Despite these declines, Weyco Group has taken steps to diversify its supply chain and announced a 4% increase in its quarterly dividend to $0.27 per share. The company also plans to raise selling prices in the summer of 2025 to counteract revenue declines. Weyco’s Florsheim brand saw a 7% increase in sales, gaining market share, while other brands experienced lower sales. Additionally, the company remains debt-free, with cash and marketable securities totaling $77.9 million. The company is also addressing the impact of increased tariffs on goods imported from China, which could significantly affect future costs.
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