Glass Lewis backs Doug Bergeron in Ethan Allen board battle

Proxy advisory firm Glass Lewis has recommended that shareholders vote for five dissident director candidates at Ethan Allen, led by activist investor Doug Bergeron. The recommendation aims to replace the company’s current board, including CEO Farooq Kathwari, who has led the furniture retailer for nearly 40 years.

Glass Lewis stated that Bergeron’s slate, which includes DGB Investments, offers a “credible and reasonably robust strategic and financial agenda” to address issues such as operational backsliding and declining shareholder value. Ethan Allen’s stock has lost more than 25% of its value over the past year.

This follows a similar recommendation from Egan-Jones Proxy Services. The decisive shareholder vote is scheduled for November 4, 2026. Bergeron’s proposed board includes experts in luxury retail, digital strategy, and corporate turnarounds, with the goal of restoring profitable growth.