Shareholders elect all Delek nominees at annual meeting

HOUSTON (ICIS)–Shareholders at Delek US Holdings Inc annual meeting on Thursday overwhelmingly voted to elect all eight of its director nominees after a proxy fight with CVR Energy.

In February, US refiner CVR Energy put forth three individuals that it wanted on the board of Delek.

CVR also urged Delek to convert two of its refineries to renewable-diesel production, terminals or some other use.

CVR is Delek’s largest shareholder, owning 15% of the company’s outstanding stock.

All Delek director nominees received approximately 90% or more of the vote, excluding those of CVR Energy.

Had CVR-backed nominees won, the board would have been able to pursue the policies it had proposed in its letter to shareholders.

“We appreciate the support of our shareholders. Moving forward, we remain firmly focused on overseeing and executing the company’s strategy and continuing to evaluate opportunities to drive value,” Delek said in a statement following the vote.

In April, CVR filed a lawsuit against Delek seeking documents it believes will detail how Delek CEO Uzi Yemin received around $81m in total compensation over the past eight years.

In earlier filings, CVR argued that Delek is undervalued and could benefit by spinning off various assets and using that cash to buy back shares.

CVR did not immediately respond to a request for comment.