Mac-Gray's director nominees backed by advisory firm Proxy Governance

By Lisa Kerner

Charlotte, N.C., April 24 - Proxy Governance, Inc. recommended that Mac-Gray Corp. shareholders support the company's director nominees, chief executive officer Stewart MacDonald and Christopher Jenny, by voting for them on the white proxy card.

According to Mac-Gray, the proxy advisory firm said in its report, "While we believe the company's board could use a stronger shareholder perspective - with increased focus on earnings, the stock price and governance issues - we are not convinced that unseating the CEO or the director on the board with perhaps the most capital markets expertise is either the best means to achieving that end or warranted at this time."

MacDonald is the company's largest shareholder, and Jenny is a senior partner with hedge fund Parthenon Group.

Mac-Gray board members, in a Wednesday letter, urged shareholders to reject dissident shareholder Fairview Capital's nominees, Scott W. Clark and Bruce C. Ginsberg.

Clark is vice president, member and portfolio manager with Fairview Capital, and Ginsberg is president, CEO and a director of MooBella LLC.

Mac-Gray, a Waltham, Mass.-based laundry facilities management contractor, will hold its annual meeting on May 8.

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