Egan-Jones backs Bergeron's five nominees for Ethan Allen board

Proxy advisory firm Egan-Jones Proxy Services has recommended that Ethan Allen Interiors Inc. (NYSE: ETD) shareholders vote in favor of all five director nominees put forward by activist shareholder Doug Bergeron, who holds approximately 5.2% of the company's outstanding common stock.

Egan-Jones also recommended that shareholders withhold votes from all five incumbent directors, including Chairman and Chief Executive Officer M. Farooq Kathwari, ahead of the company's 2026 Annual Meeting of Stockholders scheduled for November 4, 2026.

In its assessment, Egan-Jones cited years of declining revenue and earnings, stating: "Despite its strong balance sheet, revenue has declined for years, falling revenue is driving falling earnings, and falling earnings are shrinking the cash balance. That path is not sustainable, and the Board has managed the business for cash rather than for growth."

The firm also pointed to what it described as a pattern of unfulfilled strategic commitments, noting that management had described "the same problems, and the same fixes, for well over a decade" without results following.

Bergeron's five nominees are Douglas G. Bergeron, Anna Brockway, Kristine E. Miller, Steve Oblak, and Stefanie Tsen Ward. Egan-Jones described the slate as "highly qualified," noting the nominees bring experience in modern retail, home furnishings, digital commerce, and brand revitalization.

Egan-Jones specifically noted that Anna Brockway built customer acquisition at Chairish, Steve Oblak grew Wayfair's home furnishings business online, Stefanie Tsen Ward linked stores with digital selling at Neiman Marcus, and Kristine E. Miller led digital transformation at eBay.

Bergeron said in a statement: "Egan-Jones has now independently confirmed that the Board's promises of growth have not been met, and that the incumbent directors should not be entrusted with selecting the Company's next leader."

DGB Investment, Inc. and Bergeron have filed a definitive proxy statement with the Securities and Exchange Commission in connection with the solicitation. The information in this article is based on a press release issued on behalf of Doug Bergeron.

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