FSTR - L.B. Foster Company to Nominate Alexander B. Jones from 22NW LP to Stand for Election to the L.B. Foster Board of Directors at 2024 Annual Meeting of Shareholders | Benzinga
PITTSBURGH, Jan. 26, 2024 (GLOBE NEWSWIRE) -- L.B. Foster Company (NASDAQ:FSTR) ("L.B. Foster" or the "Company"), a global technology solutions provider of products and services for the rail and infrastructure markets, today announced that, pursuant to the Cooperation Agreement dated January 25, 2024 between the Company and 22NW, LP, the Company's largest shareholder, and certain affiliated persons thereof, the Company will nominate Mr. Alexander B. Jones for election to its eight-member Board of Directors at the 2024 Annual Meeting of Shareholders. Mr. Jones will fill the vacancy created by the retirement of Mr. Dirk Jungé who cannot stand for reelection to the L.B. Foster Board under the terms of the Company's Corporate Governance Guidelines. Mr. Jones has served as a Board Observer at the Company since April of 2023 pursuant to a prior Cooperation Agreement dated April 6, 2023, that the Company entered into with 22NW, LP and certain affiliated persons thereof. Mr. Jones is a Vice President and Senior Research Analyst at 22NW, LP, where he oversees the firm's investments in the industrials, materials, and consumer sectors. Mr. Jones will continue in his role as a Board Observer through the 2024 Annual Meeting.
Raymond T. Betler, L.B. Foster Chairman of the Board of Directors, stated, "I want to thank Dirk Jungé for his many years of service and excellent contributions to the L.B. Foster Board and wish him well in his retirement." He continued, "We are pleased to nominate Alex to serve on the L.B. Foster Board. Alex's contributions as a Board Observer have been positive and constructive and we look forward to his input and perspective as a Board member as we continue to execute on our strategic transformation plan."
Aron R. English, 22NW's Portfolio Manager and Founder, commented, "We appreciate the constructive dialogue we have had with L.B. Foster over the years. We remain supportive of the actions the Company has taken to date executing on its strategic transformation and look forward to Alex's contributions to the Board for the benefit of all shareholders."
Alexander B. Jones, Vice President, and Senior Research Analyst at 22NW, LP commented, "I am honored to be nominated to serve on the L.B. Foster Board. I look forward to continuing to work constructively with management and the Board on critical topics relevant for all shareholders including investor communication and capital allocation."
Pursuant to the Cooperation Agreement, L.B. Foster and 22NW have also agreed to customary standstill, voting, confidentiality, and other provisions. The complete Cooperation Agreement between L.B. Foster and 22NW and certain affiliated persons thereof will be filed with the ...