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Newell Settles With Starboard, Adds 3 Directors While Keeping Icahn Happy Too

Gregory Morcroft

on Monday, April 23, reached its second agreement in recent months with an activist investor, this time agreeing to appoint two Starboard Value nominees to its board to end a proxy fight with plans to add an additional director mutually agreed upon between Starboard and rival activist Carl Icahn. Starboard's representatives are Gerardo Lopez, former CEO of Extended Stay America Inc. and Robert Steele, a 35-year veteran of Procter & Gamble Co. and a director at several other firms. Bridget Berman, proposed by Starboard and agreed to by Icahn, will be the third new director, while Icahn ally Andrew Langham is stepping down from the board and Icahn ally David Atchison will not stand for election.