Shareholder Group Led by Activist Clients Foundation Asset Management & Engine Capital Receive 2 Board Seats at Stewart Information Services Corp.
On February 12, 2014, a shareholder group led by Olshan activist clients Foundation Asset Management and Engine Capital entered into an agreement with Stewart Information Services Corp. The company agreed to nominate two independent directors recommended by the shareholder group, including Arnaud Ajdler, managing partner of Engine Capital, for election to the board of directors at the upcoming 2014 Annual Meeting. Stewart also vowed, among other things, to cut pretax costs by $25 million annually and begin hosting earnings calls starting with this year’s first quarter. The Olshan team representing Foundation and Engine included Steve Wolosky, Andrew Freedman and Meagan Reda.