Engine Capital had sought to replace the board with its own nominees
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It says the outgoing board decided it would be in the best interests of all stakeholders to facilitate a smooth turnover of the board.
Activist investor Engine Capital had sought to replace the board with its own nominees and take control at the shareholder meeting that will take place as planned.
It had accused the company’s existing directors of overseeing poor returns and failing to hold management accountable.
The new board includes Engine Capital nominees Arnaud Ajdler, Hans Gieskes, Tracey Keates, Ritu Khanna, Anthony Kinnear and Sid Singh, and OneMove Capital Ltd.’s nominee Eric Shahinian.