(October 29, 2007)--Tandy Brands Accessories avoided a proxy fight Monday by agreeing to add a dissident shareholder to its board.

The settlement was announced as the Fort Worth-based fashion accessories maker's shareholders were scheduled to vote for two directors at Tandy's annual meeting.

The firm Golconda Capital Portfolio had nominated two challengers to replace incumbents on the seven-member board.

But Tandy Brands said it agreed to increase the board to eight members by adding Golconda executive William Summitt.

His term will expire in 2010.

In exchange, Golconda withdrew its nomination of Summitt and Jedd M. Fowers, who's a consultant to Electronic Data Systems.

That assured the re-election of directors W. Grady Rosier and Colombe M. Nicholas.

Rosier's the chief executive of Temple-based grocery wholesaler McLane Company.

Nicholas is a fashion industry consultant and former CEO of Anne Klein Group.

Dallas-based Golconda owns about 1 percent of Tandy's shares and has pushed Tandy management to reverse a slide in sales and improve the company's stagnant stock price.

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