Visteon Corporation will appoint two new independent directors to its board after its 2011 annual shareholders meeting on 9 June, 2011.
Under an agreement with Alden Global Distressed Opportunities Master Fund, Visteon will increase its board to 10 directors and then select two new directors from a pool of nominees recommended by Alden. One of the new directors will replace William Redmond, who resigned on 8 May.
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Under the terms of the agreement, Alden agreed, among other things, to withdraw its notice of intent to nominate individuals for election as directors at the 2011 annual meeting and not to take certain actions during a “standstill” period.
“We are pleased to address this matter in a manner that benefits all our shareholders,” said Visteon chairman, CEO and president Donald Stebbins in a statement. “We are looking forward to working with Alden to identify directors who can contribute to Visteon’s continued success.”
