Collectors Universe, the parent company of PSA, has expanded its board of directors from five to eight members with three new additions.
The company says the appointments are effective immediately.
The move comes nearly three months after a private hedge fund that owns a significant piece of Collectors Universe wrote a letter to other shareholders in hopes of unseating the company’s board by offering several of its own candidates. None of those proposed additions were on the list of the three who were added Monday, however.
PSA has been inundated with submissions in recent years and has struggled with turnaround times because of the massive backlog. The company has been actively hiring new employees and making other changes in an effort to improve efficiency. Another executive was hired earlier this summer in an effort to improve communications with customers.
The new independent members of CU’s board include Kate W. Duchene, CEO of RGP, a publicly traded global professional staffing and consulting firm with more than 4,000 employees and 2,400 clients. The company “helps finance, supply chain, technology and audit executives solve pressing business problems across the realm of business transformation, risk & compliance and technology & digital innovation,” according to CU.
Vina M. Leite, “Chief People Officer” at The Trade Desk, a publicly traded technology company, is another addition. CU says she “brings significant experience in human resources strategy and operations in the technology sector.”
Jon M. Sullivan, Executive Vice President and Chief Financial Officer of Behr Paint Company, is the third new addition to the board. CU says Sullivan is “a seasoned financial executive with a proven track record of delivering market leading growth and financial performance.” He’s a former controller of the Los Angeles Angels and Anaheim Ducks. Sullivan is an avid coin collector.
“These new independent directors are outstanding additions to the Board and bring important diversity of gender, ethnicity, skillsets and backgrounds, as well as extensive experience in finance, operations, digital technology, brand building, IT strategies, international business and organizational management, stated Joe Orlando, President and Chief Executive Officer of Collectors Universe. “The appointment of these directors reflects our commitment to strong corporate governance and our regular evaluation of the Board’s composition, with the goal of assembling the right mix of skills and expertise to propel our long-term strategy.
“With today’s Board refreshment, Collectors Universe is even better positioned to capture the significant opportunities ahead for our stakeholders as we continue to successfully execute our plan to drive shareholder value creation,” Mr. Orlando continued. “Our strong financial performance in the fourth quarter, despite the challenging operating environment due to COVID-19, highlights the potential of our business and our strategy. We look forward to leveraging the diverse experiences and backgrounds and the fresh perspectives of our new directors to further enhance our business and execute on our strategic priorities.”
CU stock closed at $49.63 on Monday.
Retention of Investor Relations Firm
Collectors Universe also announced that it has hired Shelton Group to provide investor relations support. Shelton Group is a strategic investor relations firm that provides integrated communications strategies and customized programs to public and private companies.