Tredegar announces new board appointments.
M2 EQUITYBITES-February 21, 2014-Tredegar announces new board appointments
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US-based manufacturer of plastic films and aluminium extrusions, Tredegar Corporation (NYSE:TG) stated on Thursday that its board of directors has increased its size to 12 and appointed three new independent directors: Kenneth R Newsome, Gregory A Pratt and Carl E Tack III.
The three men, along with incumbent director George A Newbill, will be nominated and recommended by the company's board for election at its 2014 annual shareholders' meeting as class I directors, for a three-year term expiring at the 2017 annual meeting. Chairman of the board R Gregory Williams will be nominated and recommended for election at the meeting as a class II director, for a one-year term.
Newsome currently serves as chief executive officer (CEO) and president of AMF Bakery Systems and as CEO of Ceres Companies, a holding company which owns AMF Bakery Systems.
Pratt, with almost two decades of manufacturing and distribution experience in the steel and technology industries, presently serves as the non-executive chairman of the Carpenter Technology Corporation.
Tack is a visiting professor for the Marshall Wythe School of Law and an adjunct professor for the Mason School of Business at the College of William & Mary.
The company's director, Austin Brockenbrough III, who has served since 1993, will retire upon the expiry of his current term at the 2014 annual meeting. Thereafter the board will be reduced to 11 directors, the company mentioned.
The company declared that it has redeemed all of its outstanding preferred stock purchase rights granted under its Shareholder Rights Plan. A redemption price of USD0.01 per right will be paid on 7 March 2014, to all shareholders of record at the close of business on 3 March 2014.
Additionally, Tredegar said it signed an agreement with its director John D Gottwald, its vice chairman William M Gottwald and vice chairman Floyd D Gottwald Jr (together, the Gottwald Group), under which the group agreed to a customary standstill provision via the advance notice deadline before its 2015 annual meeting, and to vote their shares in support of all of the board's director nominees at both the 2014 and 2015 meetings.
The agreement also addresses the makeup of the various board committees and efforts that some of them will undertake, the company stated.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Feb 21, 2014|
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