Columbus, Ohio – The board of directors of Big Lots, Inc. has retained director Russell Solt. Solt will also continue to serve as chairman of the compensation committee, which is composed entirely of independent non-executive directors.
At the company's May 2013 annual meeting of shareholders, Solt received less than a majority of the shareholder vote in support of reelection. As a result, Solt offered to resign from the board in accordance with the company's corporate governance guidelines. After considering the recommendation of the nominating / corporate governance committee and other relevant factors, the board determined not to accept Solt's resignation. Solt did not participate in the consideration.
“The board of directors respects the views of our shareholders and, over the past year, the compensation committee and board have listened and taken significant steps to address concerns raised by our shareholders related to executive compensation practices, including reducing the overall CEO compensation package and more closely aligning compensation with shareholder returns," said Philip E. Mallott, chairman of the board. "As chairman of the compensation committee, Russell led these efforts and, together with other committee members and independent advisors, is currently evaluating further improvements to our executive compensation program. We believe that shareholders are best served by Russell's continued involvement in this process. In addition, Russell's financial expertise, knowledge of our business, and extensive experience in the retail industry make him a significant contributor to the overall work of our board of directors."
Solt’s term as director will continue until Big Lots’ 2014 annual meeting.