A.M. Castle to replace board members in shareholder settlement
OAK BROOK - A. M. Castle & Co. has reached an agreement with Raging Capital Management on the composition of the Company's board of directors.
Under the terms of the settlement agreement with Raging Capital, the board has agreed to nominate Richard N. Burger and Michael Sheehan for election as Class III directors at the Company's 2016 annual meeting of shareholders scheduled to be held on July 27. The board has also agreed to nominate Director Gary A. Massé for re-election as a Class III director at the 2016 annual meeting.
Chairman Brian P. Anderson and Director Reuben S. Donnelley will not stand for re-election at the annual meeting, but both will continue to serve until the meeting. The board has agreed to appoint Gary Massé as chairman, effective immediately.
Burger is the former executive vice president, chief financial officer, secretary and treasurer of Coleman Cable, which was a public company and provider of electrical wire and cable products in the United States and Canada. Burger spent 17 years at Coleman Cable, 13 of which were in the EVP/CFO position where he directed numerous acquisitions and led the Company's accounting, finance, information technologies, human resources functions, and investor relations activities. Prior to Coleman Cable, Burger was the president of Accounting Advantage, the president and CEO of Burns Aerospace, and a vice president and treasurer at Ferox Microsystems. HE received an MBA from the University of Baltimore and a Bachelor of Science with a major in accounting from Towson University.
Sheehan is the current CEO of Boston Globe Media Partners. Prior to joining the Globe in 2014, he spent 20 years at Hill Holliday, where he served as chairman, CEO, president, and chief creative officer. He currently serves on the board of directors of ChoiceStream, a leading programmatic advertising firm, and the American Repertory Theater and Catholic Charities of the Archdiocese of Boston. He attended the United States Naval Academy and graduated from Saint Anselm College in 1982 with a B.A. in English.
In connection with this agreement, Raging Capital has agreed to certain standstill, voting and support commitments.
"The Management team is excited to begin to work with our new Board members who bring a wealth of experience in successful business transformation," said A. M. Castle President and CEO Steve Scheinkman. " We plan to draw on Michael's experience in implementing dynamic sales and marketing strategies, as well as navigating the challenges of shifting end markets, just as he has at The Boston Globe. Similarly, we are looking forward to tapping Richard's expertise in profitably growing market share in a fragmented end market, just as he did at Coleman Cable."