Lindsay Corporation (NYSE:LNN), a global provider of irrigation and infrastructure solutions with a market capitalization of $1.38 billion and a track record of 22 consecutive years of dividend increases, announced key changes to its board and executive compensation following its annual stockholders meeting for fiscal year 2025. According to InvestingPro analysis, the company maintains strong financial health with a "GOOD" overall rating.
The company, headquartered in Omaha, Nebraska, confirmed the resignation of director Ibrahim Gokcen effective January 9, 2025, due to a change in his primary employment. Gokcen's departure was not due to any disagreement with the company and also led to a reduction in the size of the board from eight to seven members. The company's strong governance is reflected in its financial stability, with InvestingPro data showing robust liquidity metrics and more cash than debt on its balance sheet.
During the annual meeting held on January 8, 2025, Lindsay Corporation's stockholders elected three directors to serve until the fiscal 2028 annual meeting. The elected directors include Pablo Di Si, Mary A. Lindsey, and Consuelo E. Madere, with Di Si receiving the highest number of favorable votes.
Additionally, shareholders approved the Lindsay Corporation 2025 Long-Term Incentive Plan, a framework designed to provide long-term incentives to key employees. The plan was passed with significant support, receiving over 8.6 million votes in favor.
The appointment of KPMG LLP as the company's independent registered public accounting firm for the fiscal year ending August 31, 2025, was ratified with over 9.4 million votes for the proposal. Moreover, an advisory vote on the compensation of the company's named executive officers was also approved.
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