Glass Lewis recommends vote against Value Base nominee for Cognyte board

Cognyte Software announced that a second independent proxy advisory firm, Glass, Lewis & Co., has recommended “AGAINST” the director candidate proposed by one of the Company’s shareholders, Value Base Fund . In its report, Glass Lewis commented on Cognyte’s recent progress, noting that “(t)he Company’s financial performance has improved and exhibited positive momentum in recent periods as a result of initiatives spearheaded by the incumbent leadership.” The company said, “Given our acknowledged progress, we are disappointed that Glass Lewis did not recommend voting for Cognyte’s Chairman, Earl Shanks. However, we are pleased that Glass Lewis concluded that electing Value Base’s nominee, Tal Yaacobi, in place of either Mr. Shanks, or Cognyte’s CEO, Elad Sharon, is ‘not warranted at this time.’ In reaching that conclusion, Glass Lewis expressed concerns with Mr. Yaacobi and his lack of substantive ideas for improving Cognyte’s business.” Glass Lewis also recommended “FOR” Cognyte’s proposal to approve the amended employment terms of CEO Elad Sharon.