February 9, 2018 / 12:09 PM / 5 months ago

Newell Brands says activist Starboard seeks to replace board

Feb 9 (Reuters) - Sharpie pens maker Newell Brands said on Friday activist investors Starboard Value LP and Opportunity Master Fund Ltd were seeking to nominate 10 directors to its board.

Newell currently has nine directors on its board.

Starboard, along with three former executives of Jarden Corp, which Newell bought in 2016, was seeking to replace Newell’s board and Chief Executive Michael Polk, the Wall Street Journal reported on Thursday.

The activists want to make the case that Newell’s leadership took some wrong steps in its integration with Jarden, the report said.

“Newell Brands has a diverse, experienced Board that is committed to acting in the best interests of the company and all shareholders,” Newell said in a statement.

Newell said last month it would explore options for some of its assets, a move that could shrink the number of its factories and warehouses as well as its customer base by half. (Reporting by Uday Sampath in Bengaluru; Editing by Sai Sachin Ravikumar)

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