THE URBAN FEMALE: It took years of prodding, but Urban Outfitters Inc. now has its first female outside director. The company disclosed in a filing with the Securities and Exchange Commission late Monday that it had increased the size of the board to eight members from seven with the addition of Elizabeth Ann Lambert, a principal and manager of hotel operator Bunkhouse Group LLC, as a director.
A shareholder proposal earlier this year pressing Urban to add female and minority directors, sponsored by New York State Comptroller Thomas DiNapoli as trustee for the New York State and Local Retirement System, was opposed by the board and voted down at the annual meeting by a two-to-one margin. That left Margaret Hayne, president of Free People, chief creative officer of the company and wife of Richard Hayne, its chairman, president and chief executive officer, as the sole female director and, with her husband, one of two inside directors. She became a director just last year.
The Philadelphia-based company’s board also voted to establish a lead independent director and to form an innovation committee to deal with new and disruptive technologies.