Glass Lewis recommends First Foundation shareholders vote for change in board

Driver Management Company, a sizable stockholder of First Foundation, announced that leading independent proxy advisory firm Glass, Lewis & Co. recommended that First Foundation stockholders vote for change in the boardroom. In its report, Glass Lewis recommended stockholders vote FOR Driver nominee Allison Ball to First Foundation’s board of directors at the Company’s upcoming Annual Meeting of Stockholders to be held on June 27, 2023. In its report recommending First Foundation stockholders vote for change on the Board, Glass Lewis: Agreed with Driver’s assessment of First Foundation’s poor TSR and financial underperformance; Raised serious concerns about the Company’s initial decision to reject Driver’s Nomination Notice as an entrenchment maneuver to avoid accountability; Noted concern regarding the Board’s apparent abdication of responsibilities to management and lack oversight; Believed that Driver Nominee Allison Ball would bring relevant skills to the Board; Highlighted Driver’s record of a willingness to work constructively with banks; Concluded there was a clear case for change on First Foundation’s Board.