Activist claims win in removing CEO from board
NEW YORK (AP) - After a long-running proxy battle, activist
shareholder Warren Lichtenstein said Monday his holding company had
amassed enough support to remove chief executive Sundi Sundaresh
from the board of data storage company Adaptec Inc.
But Adaptec said in a statement that it was awaiting
certification of the voting materials, which would take several
days.
Lichtenstein's hedge fund, Steel Partners II LP, called for
removing Sundaresh and private investor Robert J. Loarie from the
board, while shrinking the board's size to seven members from nine.
NASDAQ:ADPT Updated: 16:00 ET 3.19 +0.05 |
Steel Partners II said shareholders owning more than 50 percent
of the company's shares agreed to the pair's removal.
``This strong display of shareholder support validates our
belief that it is time for accountability and change at Adaptec,''
Lichtenstein said in a statement.
Adaptec shares rose 6 cents, or 1.9 percent, to $3.25 in
afternoon trading Monday.
11/02/09 13:19
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