PITTSBURGH, Pa. — Calgon Carbon Corporation announced it has reached an agreement with Starboard Value LP (Starboard) and its affiliates regarding the composition of the Board of Directors, according to a press release.
Starboard beneficially owns approximately 9.2 percent of the outstanding shares of Calgon Carbon’s common stock, noted the release.
Under the terms of the agreement, Calgon Carbon will nominate two new independent directors to the 2013 slate of nominees. Louis S. Massimo, former executive vice president and chief operating officer of Arch Chemicals Inc., and Donald C. Templin, senior vice president and chief financial officer of Marathon Petroleum Corporation.
Neither is employed by or affiliated with the company or with Starboard, stated the release.
The nominations will be included in the Company's 2013 proxy statement and submitted for stockholder approval at the Company's 2013 Annual Meeting, which has been set for May 1, 2013.
Read the entire press release here.