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Specialty-paper producer Wausau Paper (NYSE: WPP ) announced it had reached an agreement with Starboard Partners to nominate to its board of directors two candidates chosen by the private equity firm. The nominations will be included in the company's 2013 proxy statement, and submitted for stockholder approval at the company's 2013 annual meeting.
By nominating John S. Kvocka and George P. Murphy to the board, neither of whom works for or is affiliated with Wassau or Starboard, the P/E firm pledges to vote in favor of all the other board candidates up for election. Starboard is a major shareholder owning approximately 14.8% of the outstanding shares of Wausau's common stock.
If all nominees are elected, the Wausau Board will expand to nine directors, from its current eight, including seven independent directors.
Wausau Paper president and CEO Hank Newell said:
Wausau Paper is well positioned to capitalize on the investments we have made in the tissue business and we look forward to working productively with our new board members, John Kvocka and George Murphy, with a shared commitment to enhancing stockholder value. We are confident that their significant industry experience will be an asset to Wausau.
Starboard's CEO Jeff Smith added he is also confident the two new board members "will bring a fresh perspective to the Board and serve the best interests of Wausau and its stockholders. We look forward to enhanced value for the benefit of all stockholders."
The annual meeting is scheduled for April 18.