Three members--William P. Dickey, Norman Perlmutter and RobertD. Perlmutter--resigned from the Board last month, but the two newmembers are not serving as replacements. Amster and Kanner'selection is a result of Prime Retail's Articles of Incorporation.It states that when "dividends payable on the Preferred Stock shallbe in arrears for six or more consecutive quarterly periods, thenthe holders of Preferred Stock, voting together as a single class,shall be entitled…to elect two additional directors to theCompany's Board of Directors."
In a statement following the November resignations, companyPresident and CEO Glenn D. Reschke says the departures and theelection of two new Board directors "will leave our Board witheight members, which is an appropriate size for our Companytoday."
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