Good morning and welcome to the 2025 Annual Stockholder Meeting of Arko Corp. I'm Arie Kotler, Chairman of the Board, President, and Chief Executive Officer of Arko Corp. We have again elected to hold our annual meeting virtually because doing so allows us to reach a greater number of our stockholders. First, we will conduct the formal meeting and vote on four proposals. Following that, I will give a brief update on our business and then answer questions at the conclusion of the official business portion of the meeting. Though we may not be able to answer every question, we will do our best to provide a response to as many as possible. It is now 10:02 A.M. Eastern Time on June 5th, 2025, and this meeting is officially called to order.
Now, it is my pleasure to introduce Maury Bricks, who is our Corporate Secretary, and he will act as Secretary of the Meeting.
Thank you, Arie. We're also joined here today by Ben Proffitt, a representative from our independent registered public accounting firm, Grant Thornton LLP. He will be available during the question-and-answer session after the meeting to respond to appropriate questions from our stockholders. And finally, the company has appointed Broadridge Financial Services to act as Inspector of Election. Barbara Holland, a representative of Broadridge, is here with us today and is taking the oath of Inspector of Election, which will be incorporated into the minutes of this meeting. Only stockholders of record as of April 11th, 2025, which was the record date for the meeting, may ask questions in the designated field on the web portal. Out of consideration for others and as stated in the rules of conduct, please limit yourself to one brief question. Please note that this meeting is being recorded.
However, no one attending via the webcast or telephone is permitted to use any audio recording device. You will find the proxy statement, our annual report, and the rules of conduct available on the web portal. The Board of Directors fixed April 11th, 2025, as the record date for determining stockholders entitled to attend and vote at this meeting. An affidavit has been delivered to us attesting to the fact that notice of this meeting dated April 24th, 2025, was sent to all stockholders entitled to vote as of the record date and will be incorporated into the minutes of this meeting. The stockholder list shows that as of the record date, there were 114,680,085 shares of common stock outstanding and entitled to vote at this meeting. Each share of common stock is entitled to one vote on each proposal to be voted upon at this meeting.
We've been informed by the Inspector of Election that there are represented in person or by proxy 110,385,834 shares of common stock, representing approximately 96.25% of the voting power of our outstanding shares of common stock as of the record date. Because this represents more than a majority of the voting power of all issued and outstanding stock entitled to vote as of the record date, a quorum is present. This meeting is now duly convened for the purposes of transacting business properly before it. Now, I will present the matters to be voted upon. Proposal one is for the election of six directors to hold office until the annual meeting of stockholders in 2026 or until the respective successors are duly elected and qualified. Additional information about the nominees is included in the proxy statement previously disseminated.
Proposal two is the non-binding advisory resolution regarding the compensation of our named executive officers as described in the proxy statement. Proposal three is the ratification of the appointment of Grant Thornton LLP as the company's independent registered public accounting firm for the 2025 fiscal year. Proposal four, if properly presented at this meeting, is a stockholder proposal asking the Board of Directors to take steps to amend the company's governing documents to provide that in uncontested elections, directors be elected by majority vote. The Board of Directors has not provided any recommendation for this proposal. I see Mr. Prescott is in attendance to present the stockholder proposal. Mr. Prescott may now proceed.
Thanks so much and hello, everybody. I can keep this very brief for the sake of everybody's time this morning. I just want to say thanks to the board for considering the proposal. We know the board did not have any recommendation on voting, but we do appreciate the consideration of it, and we urge people to vote in favor of the proposal. For any questions regarding it, we would just refer folks back to the proxy, so thank you very much.
Thank you, Mr. Prescott, for presenting. As provided for in our proxy statement, we look forward to hearing from our stockholders on this item. There are no other matters to be voted on at this meeting, nor are there any nominations for other director candidates before the meeting.
It is now 10:06 A.M. Eastern Time on June 5th, 2025, and there being no other proposals properly brought before the meeting, polls are now open with respect to each of the four proposals just described. Any stockholder who has not yet voted or wishes to change their vote may do so by clicking on the voting button on the web portal and following the instructions. Stockholders who have sent in proxies or voted via telephone or internet and do not want to change their vote do not need to take any further action. Now that everyone has had the opportunity to vote, I now declare the polls for all of the proposals brought before the 2025 Annual Stockholder Meeting closed as of 10:07 A.M. Eastern Time today.
We've been informed by the Inspector of Election that based on a preliminary vote report received from the Inspector of Election immediately preceding the commencement of this meeting, that the nominees for election to the board have been duly elected. The compensation of the named executive officers has been approved by advisory vote, and the appointment of Grant Thornton LLP as our independent registered public accounting firm for the 2025 fiscal year has been ratified. The stockholder proposal asking the board to take steps to amend our governing documents to provide that directors be elected by majority vote in uncontested election has not been approved. We will be reporting the final vote results in a current report on Form 8-K, which we will file with the SEC within four business days following the closing of this meeting.
Before turning it over to Arie, I will note any forward-looking statements made during this meeting by management reflect our current views with respect to future events, and Arko is under no obligation to update or revise forward-looking statements made on this call, whether as a result of new information, future events, or otherwise, except as required by law. With that, I turn the meeting back over to Arie Kotler.
Thank you, Maury. There being no further business to come before the meeting, the annual meeting of stockholders of Arko Corp is now adjourned. As we close, I'd like to take a moment to reflect on where we are in our journey and how we're positioning the business for the future. Over the past decade, we've created significant scale positioning Arko as one of the largest convenience store operators in the country. As we've shared previously, our focus has shifted to strengthening operational execution and elevating our performance across business. We are now into the next phase of our multi-year transformation plan, which is centered around investing in the customer experience, improving store-level performance, and optimizing our operating model to our dealerization program. We believe that our diversified business across retail, wholesale, and fleet fueling provides us the flexibility to navigate changing market conditions while making disciplined investments in growth.
This year, we launched a comprehensive review of our retail footprint and actively relocating capital to the store and segment with the strongest potential. We began construction on the first two of our seven pilot remodels, which feature expanded assortment, modernized layouts, and fresh food-focused offering. These pilots will inform a broader rollout across our retail footprint. In parallel, we've made meaningful progress in converting select company-operated stores to our wholesale dealer model, which we expect will yield greater profitability over the long term. This initiative is an important part of our plan to drive more sustainable profitability and returns. We are also excited by the early results of our Fueling America's Future campaign, which combines in-store promotions with compelling fuel discounts for loyalty members.
Since launching in-store in March, we've seen an uptick in loyalty enrollment and, for the enrolled loyalty members, increased gallons per transaction and higher average monthly spend, proof points that our value-driven strategy is resonating with customers. Looking ahead, we are focused on advancing the multi-year transformation plan with purpose, and we believe the action we are taking will support meaningful improvement in performance and profitability over time. Now, we would like to open the floor up for appropriate stockholder questions and comments. This can be directed to either company management or Mr. Proffitt, who is here as a representative of our independent auditor. Please enter any question you may have through the web portal. Please note we will attempt to answer as many appropriate questions as time allows. Okay. No question. We thank you all for attending today and continued support. Thank you and have a great day.