Olshan Client Engine Capital Reaches Accord with InnerWorkings

The Deal (subscription required) and Law360 recently reported that Olshan client Engine Capital has reached an agreement with Chicago-based marketing solutions company InnerWorkings Inc. involving the addition of two directors to its board and Innerworkings' commitment to hire a consultant to review the company’s entire cost structure. In addition to appointing Byline Bank Chief Financial Officer Lindsay Corby and PricewaterhouseCoopers Inc. Principal Adam Gutstein as directors, InnerWorkings has appointed lead independent director Jack Greenberg as chairman, and John Bosshart as Chief Accounting Officer. Of these appointments, Engine Capital managing partner Arnaud Ajdler commented, “We applaud the board for invigorating its composition with the addition of Lindsay Corby and Adam Gutstein. The particular skills and experience that these new directors bring to the table will help InnerWorkings to accomplish rigorous cost-cutting goals, among other operational objectives. We also welcome the return of an independent director in the chairman role.” Co-Head of Olshan’s Activist & Equity Investment Group Andrew Freedman advised Engine Capital in its agreement with InnerWorkings Inc