IVC - Invacare adds two new directors after deal with largest investor Azurite
- Medical equipment maker Invacare Corporation ( NYSE: IVC ) has appointed two new directors with immediate effect as part of a corporation agreement with its largest shareholder, Azurite Management LLC, which owns more than 10% of IVC stock.
- The new directors, Steven H. Rosen and Edward F. Crawford will replace Julie A. Beck and Stephanie L. Fehr, who resigned from the board on Aug. 22.
- Mr. Rosen is the Co-Founder, and Co-Chief Executive of Ohio-based private equity firm Resilience Capital Partners LLC. Crawford, a former U.S. ambassador to Ireland from 2019 to 2021, currently serves Resilience as a Member of its Board of Advisors.
- As part of the deal, IVC has agreed to set up a five-member Strategy and Operational Improvement Committee comprising the new appointees.
- The terms of the corporation agreement include certain standstill provisions which, among other things, will bar Azurite from raising its IVC stake above 19.9%.
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Invacare adds two new directors after deal with largest investor Azurite