JCP Investment Management Reaches Agreement with CST Brands on Board Changes and Strategic Alternatives
The Wall Street Journal, Houston Business Journal, TheStreet and other media sources reported on an agreement reached between Olshan client JCP Investment Management and CST Brands, one of the largest independent retailers of motor fuels and convenience merchandise in North America. Under the agreement, CST Brands agreed to appoint Tad Dickson, the former Chairman of the Board of The Pantry, Inc., to its Board of Directors and initiate a strategic alternatives review process to enhance stockholder value. The Board will create a new strategic alternatives committee on which Mr. Dickson will serve. CST Brands also entered into an agreement with Engine Capital pursuant to which an additional independent director was added to its Board of Directors. Steve Wolosky and Ryan Nebel represent JCP Investment Management in connection with its investment in CST Brands.