Ryder Shareholders Reject Sale Idea

Shareholders of Ryder System soundly rejected a proposal to put the company up for sale. They also voted down a proposal to require the annual election of all directors — a measure the current board opposed.

A non-binding resolution to auction the company “to the highest bidder” was submitted by shareholder William Steiner of Great Neck, N.Y., the owner of 900 shares, who said it reflected the displeasure felt by many shareholders in Ryder’s stock price.

Ryder’s board unanimously recommended a vote against the proposal, arguing that a sale would not maximize value for shareholders. The proposal garnered only 3% of the votes cast at Ryder’s annual meeting of shareholders on May 5 in Miami.

Also defeated, but by a much narrower margin, was a proposal to require the annual election of all directors. The proposal was supported by shareholders representing 40% of the outstanding stock.