GCP Applied Technologies Adds Two New Independent Directors in Fight With Starboard
Reuters (04/03/20) Herbst-Bayliss, Svea
On April 3, GCP Applied Technologies (GCP) announced that it will add two new independent directors to its board and expand the size of the board by one to 10 members. The move comes after Starboard Value, which owns 9% of the company, said it will move forward with its proxy fight and nominated eight directors. GCP named Armand Lauzon, most recently president and CEO of C&D Technologies, and John McPherson, most recently chief financial and strategy officer at Vulcan Materials Co. (VMC), as director candidates. GCP said, "We have been regularly refreshing our board to ensure our directors are diverse and have the appropriate skill sets and experience for our business." In addition to nominating the two new directors, the company said it will re-nominate eight current board members, including Clay Kiefaber, a Starboard representative who joined the board last year. However, it will not re-nominate Marran Ogilvie, who also joined the board last year after the settlement with Starboard. Both Ogilvie and Kiefaber are on Starboard's director slate, which also includes Starboard partner and head of research Peter Feld. Investors will vote on the director candidates at GCP's annual meeting on May 28.
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