Herley Industries Inc. of Lancaster said today that it wants to change the election process for its board of directors so that all members would be elected annually for one-year terms.
Currently, directors are elected in three staggered classes, each with a three-year term.
Herley will submit the proposed change for shareholder approval at the annual meeting in March. If approved, the change would be effective at the annual meeting in March 2011.
Company chairman David H. Lieberman said the declassification is aimed at enhancing shareholder value. Herley shares have risen from a 12-month low of $7.68 in early March to $13.51 in noon trading today.