TORONTO – The brand-new board of directors at Dye & Durham Ltd. has named Hans T. Gieskes as chair of the board as well as interim CEO.
The change in leadership Tuesday comes after activity investor Engine Capital successfully pushed for a shakeup at the company with its own slate of board candidates.
The previous board resigned together ahead of Dye & Durham Ltd.‘s annual meeting, and the activist investor’s slate of nominees were appointed in their place.
The legal software company says shareholders made their views clear based on preliminary tabulation of proxies ahead of the shareholder gathering.
It says the outgoing board decided it would be in the best interests of all stakeholders to facilitate a smooth turnover of the board.
Activist investor Engine Capital had accused the company’s existing directors of overseeing poor returns and failing to hold management accountable.
The new board includes Engine Capital nominees Gieskes, Arnaud Ajdler, Tracey Keates, Ritu Khanna, Anthony Kinnear and Sid Singh, and OneMove Capital Ltd.‘s nominee Eric Shahinian.
Along with Gieskes as interim chief executive, the company says Ajdler will serve as the board’s lead independent director.
This report by The Canadian Press was first published Dec. 17, 2024.
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