Starboard Value LP, which together with the other participants in its solicitation beneficially owns approximately 4 percent of the company’s outstanding shares, announced that it has delivered a letter to Michael B. Polk, chief executive officer of Newell Brands, and the Newell Board of Directors.
On February 9, Newell confirmed that it has received notice from Starboard Value and Opportunity Master Fund Ltd. of its intention to nominate 10 candidates to stand for election to the Newell Brands board of directors at the company’s 2018 Annual Meeting of Shareholders.
In a statement Monday, Starboard said it has also confirmed that it has nominated a full slate of director candidates, including three former, seasoned operators of Jarden Corporation, for election to the board at the company’s 2018 Annual Meeting of Stockholders.
Among the details in the letter:
- Starboard expresses serious concerns regarding Newell’s significant underperformance under current leadership
- Starboard has been joined by three former Jarden executives (Ian G.H. Ashken, Martin E. Franklin and James E. Lillie) and a former long-time Newell Director (Domenico De Sole) to oversee a turnaround of the company
- Starboard has further augmented its slate with well-qualified candidates Bradley A. Alford, Pauline J. Brown, Peter A. Feld, Gerardo I. Lopez, Jeffrey C. Smith and Charles M. Sonsteb
The full text of Starboard’s letter to Mr. Polk can be viewed at the following link:
Newell Brands include Paper Mate, Sharpie, Dymo, EXPO, Parker, Elmer’s, Coleman, Jostens, Marmot, Rawlings, Oster, Sunbeam, FoodSaver, Mr. Coffee, Rubbermaid Commercial Products, Graco, Baby Jogger, NUK, Calphalon, Rubbermaid, Contigo, First Alert, Waddington and Yankee Candle.
