ISS and Glass Lewis Both Recommend FOR the GreenWood Minority Shareholder Slate at the Leonardo Annual Meeting

NEW YORK–(BUSINESS WIRE)–GreenWood Investors LLC (“GreenWood”), today announced that Institutional Shareholder Services Inc. (“ISS”) and Glass, Lewis & Co. (“Glass Lewis”), the two leading independent proxy advisory firms, have each recommended Leonardo S.p.A.’s (“Leonardo”) shareholders vote “FOR” the GreenWood minority slate of 4 nominees (the “GreenWood slate”) at Leonardo’s Annual Meeting of Shareholders on May 8 and 9, 2023.

GreenWood is pleased that both of the leading independent proxy advisory firms have recognized that the GreenWood slate would add significant value to the Leonardo Board. Both firms appreciate that the GreenWood slate will enhance the Leonardo Board by adding directors with critical capital allocation, cross-border, and operational excellence skillsets.

In its report, ISS affirmed the case for the GreenWood slate, stating:

Slate 2 seems better positioned to represent the long-term interests of minority shareholders and carry out an independent oversight of the management’s action.”

ISS noted that “GreenWood’s list includes Giancarlo Ghislanzoni, former senior partner at McKinsey, who led McKinsey’s EMEA Organizational Practice and EMEA Advanced Industries Sector, including A&D Industry. Ghislanzoni served Leonardo for over 20 years on many of its main development and improvement projects across most of its business portfolio and has deep understanding of the A&D industry through his work for other relevant A&D players. Ghislanzoni is a high caliber candidate, who has deep and relevant industry expertise and could contribute to improving operational efficiency at the company’s various divisions and advise management on Leonardo’s portfolio optimization.”

ISS continued, “The other [GreenWood] candidates include the founder and CIO of GreenWood Investors, who has relevant capital market expertise and some public company board experience; a former senior executive of GE Power (with relevant operational, M&A, capital markets and public board experience) … and a founder of another investment firm.”

In its report, Glass Lewis recognized the need for boardroom change at Leonardo:

We find GreenWood has fairly highlighted a range of performance issues which suggest modification to the status quo is reasonably warranted here, particularly in light of what we consider to be a credible slate of alternative candidates.”

Steven Wood, Founder and CIO of GreenWood Investors, stated, “We are honored and grateful for the support from both ISS and Glass Lewis in recommending that Leonardo shareholders vote FOR the GreenWood slate of independent nominees. Our candidates look forward to constructive collaboration with the Leonardo management team and Board to unlock the potential of Leonardo’s world class assets and talent to drive long-term, sustainable value.”

GreenWood urges Leonardo shareholders to follow the ISS and Glass Lewis recommendations and vote “FOR” the GreenWood Slate, which is the 2nd listed under Proposal 4.

More GreenWood materials can be found at:

About GreenWood Investors LLC

GreenWood Investors is an investment manager founded in 2010 by Steven D. Wood to engage and invest with great managers building underappreciated companies. The firm partners with management teams during transformational moments in their history to help them accelerate their ability to drive long-term, sustainable value. The firm employs a concentrated, value-oriented global equity investment approach and its strategy is to perform deep diligence and develop relationships with key industry leaders who help to improve outcomes for all stakeholders.


Investor Contact:

Lorenzo Casale / Francesco Surace / Alberto D’Aroma

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Media Contact:

Maria Rosa Basile / Emanuele Lanfranchi

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