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Dillard's Avoids Proxy Fight

Little Rock, Ark. Dillard's Inc. on Tuesday said it agreed to nominate four new directors to avoid a proxy fight with an activist shareholder group.

Barington Capital Group LP and its affiliate, Clinton Group Inc., which own 5.4% of shares, had earlier said they wanted to nominate four candidates to Dillard's board.

Dillard's said it would nominate one of the candidates Barington had selected, Nick White, a former executive with Wal-Mart Stores, to its board.

Other nominees, who were not on Barington's original list, include James A. Haslam III, chief executive of Pilot Travel Centers LLC; R. Brad Martin, a former chief executive of Saks Inc.; and Fran R. Mori, a former chief executive at Anne Klein Inc. and Donna Karan International.

Barington and Clinton agreed to stop their efforts to elect their slate and to vote for the company's nominees.