October 18, 2016 / 12:37 PM / in a year

Stewart Information to add four directors in deal with Starboard

Oct 18 (Reuters) - Title insurer Stewart Information Services Corp said on Tuesday it would add four new directors to its board, reaching a deal with activist investor Starboard Value LP.

Starboard Value is the company’s biggest shareholder with a 9.9 percent stake.

Stewart Information’s chief executive, Matthew Morris, and a new independent director, Clifford Press, will be appointed to the board, effective immediately, the company said.

Morris and Press will replace Malcolm Morris and Stewart Morris, who served as co-CEOs from 2000 to November 2011.

Stewart Information also said its board will additionally appoint two other new independent directors who will replace current board members Laurie Moore-Moore and Frank Keating.

Reuters reported in September that Stewart Information was close to reaching a deal with Starboard.

Title insurers guarantee property owners have title to their property and can legally transfer it in a sale. (Reporting by Ankit Ajmera in Bengaluru; Editing by Sriraj Kalluvila)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below