AUSTIN, Texas--(EON: Enhanced Online News)--At the annual meeting of shareholders held on September 17th to elect Directors, shareholders of Westech Capital Corp. voted to restore John Gorman to the Board, along with his slate of directors: Barry Williamson, Greg Woodby, T.J. Ford, Barry Sanditen and Dan Olsen, preliminary results show. In 1994, Gorman was one of the seven original founders of Tejas Securities, which merged into Westech and went public in 2001. Gorman served as Chairman of the Board of Westech from 2001 to earlier this year, but announced his resignation in June 2013 because of concerns with the direction of the Company and the lack of seasoned leadership to direct the Company’s activities. Two slates of directors were nominated for election at this year’s annual meeting: the Gorman slate and a slate proposed by existing management. Preliminary results show that Gorman’s slate won by a substantial majority, garnering more than 64% of the votes as counted by an independent inspector of elections.
“This is also a tremendous victory for good corporate governance, reaffirming the rights of the majority of shareholders over the self-interests of management”
“I am humbled and thrilled with the shareholder vote, and extremely pleased and grateful for their confidence in me and in this slate of savvy, seasoned individuals that I have proposed as Directors to help restore value to their Company. I look forward to working with these new Directors, whose impressive backgrounds and leadership skills are what are needed to restore sound management, identify opportunities to unlock value, and return the Company to sustainable growth,” said Gorman.
“This is also a tremendous victory for good corporate governance, reaffirming the rights of the majority of shareholders over the self-interests of management,” Gorman pointed out.
Gorman will continue his action in the Court of Chancery of the State of Delaware to confirm that the board elected by the stockholders is promptly seated.
Ticker Symbol: WTEC
For more information, go to: www.JohnGormanresponds.com
About John J. Gorman IV: John Gorman served as Chairman of the Board for Westech Capital Corp from 1999-2013. He was Director of Tejas Securities Group, Inc. since founding Tejas in 1994. Over the past 19 years, Mr. Gorman has gained a wealth of leadership experience through his positions as Vice President at both Dean Witter and Shearson Lehman in Dallas, and Senior Vice President at both Landmark Group and APS Financial Corporation in Austin. Mr. Gorman’s strong business and community background is bolstered through his experience on Creditor Committees including Federated Department Stores, Appletree Supermarkets and Maxicare Health, and on the Board of Directors for Lincoln Heritage Corporation, First Republic and M Corp.