Starboard Value Reaches Agreement with Brink’s on Board Reconstitution
The Wall Street Journal, Yahoo! Finance, Richmond BizSense and other national media sources widely reported on the first activist settlement agreement of 2016, which was reached between Olshan client Starboard Value and The Brink’s Company, the security-related services company. The agreement called for the immediate election of three new directors, including Starboard’s Peter Feld, Ian Clough, and George Stoeckert. In connection with the appointment of the new directors, Murray Martin and Ronald Turner have retired from the Board of Directors, effective immediately, and Chairman, President and CEO Thomas C. Schievelbein will step down and retire early, effective, at the latest, as of the date of the 2016 Annual Meeting. A committee chaired by Feld will oversee the search for a new CEO. Starboard is represented by Olshan partners Steve Wolosky and Andrew Freedman and associate Meagan Reda.