Roger Corp. ( NYSE: ROG ) said it entered into an agreement with activist investor Starboard Value to add two directors to the engineered materials company.
Under terms of the agreement, Rogers ( ROG ) appointed Anne K. Roby, a former executive at Linde, and Armand Lauzon, former CEO of C&D Technologies, as new independent directors, according to a statement on Monday. After completion of the annual meeting, the Rogers board will be composed of nine members, eight of whom are independent.
The news comes after Starboard, who owns a ~6.5% stake in Rogers, reportedly built a stake in the company and planned to nominate at least three individuals for the board.
The push from Starboard, led by its head Jeff Smith, came after the shares had plunged 36% since DuPont ( DD ) abandoned its $5.2 billion purchase of Rogers ( ROG ) in November after failing to gain Chinese regulatory. Rogers shares have risen 26% this year.
“After constructive discussions with the Rogers Board, we are excited to have these new directors contribute their deep operating expertise and fresh perspectives in order to help Rogers capitalize on its many opportunities and maximize value for all shareholders," Starboard CEO Smith said in the statement.
Rogers ( ROG ) also announced in November that its CEO would retire by the end of last year and would be replaced by Colin Gouveia. Last month Rogers appointed Larry Schmid as senior vice president, global operations and supply chain.
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Rogers Corp. inks agreement to add directors with activist Starboard Value