Collectors Universe, parent company of PSA, has added two new independent members to its board of directors after discussions with a major shareholder that had earlier expressed a desire to unseat the company’s entire board.
Lorraine Bardeen, a Microsoft executive who specializes in technological innovation, is one of two new additions. She will head a newly formed Strategy Committee that will “explore ways to use technology to enhance value for customers and shareholders,” according to Collectors Universe.
Bardeen serves as VP and Chief Technology Officer of World Wide Enterprise and Commercial Industries at Microsoft, where she acts as a technical and strategy advisor.
I have some new fascinating work to do to help CLCT on their growth path. Thank you to the Board and executive team for a very warm welcome!https://t.co/nWQI9RyUc2
— Lorraine Bardeen (@LorraineBardeen) September 29, 2020
In connection with her appointment, CU says it entered into a settlement agreement with Alta Fox Capital Management which owns approximately 5.4% of Collectors Universe’s outstanding shares.
Separately, the company also announced the appointment of Jennifer H. Leuer to the board. She is Chief Executive Officer of CyberScout, a cybersecurity and identity protection solutions firm.
With the two new additions, CU’s board will consist of ten directors, nine of whom are independent.
The Board has also appointed A.J. “Bert” Moyer as Chairman of the Board. Moyer has been an independent director since 2003. Two current directors, Deborah A. Farrington and Joseph R. Martin, have informed the Board that they will not stand for re-election at the Company’s 2020 Annual Meeting.
“We appreciate the constructive dialogue with Alta Fox over the past few months and believe that, together, we reached the best outcome for Collectors Universe and the Company’s shareholders,” said Joe Orlando, President and CEO. “The agreement announced today further demonstrates our commitment to taking action to drive additional value for our stakeholders, including our shareholders.
“We remain excited about the future of Collectors Universe and are confident that this Board and management team can advance our common goal of increasing shareholder value,” remarked Connor Haley, Managing Partner of Alta Fox.
Pursuant to the agreement, Alta Fox will vote all of its shares in favor of each of the Company’s nominees at the 2020 Annual Meeting and has “agreed to certain customary standstill provisions and voting commitments,” according to CU.
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