Signs cooperation agreement with shareholder Ancora
Adds two new independent members to the Board – Brian Slobodow and Niclas Ytterdahl
Establishes Capital Allocation and Operations Committee
ATLANTA, Oct. 13, 2022 (GLOBE NEWSWIRE) — Mueller Water Products, Inc. MWA (“Mueller” or the “Company”) announced today that it has entered into a collaboration agreement with Ancora Holdings Group, LLC and its affiliates (“Ancora”) and announced several corporate governance changes, including the addition of two new directors. The Company also announced an accelerated process to continue the renewal of its board of directors (the “Board”) over the next three years.
New Independent Directors
The Company announced the appointment of Brian Slobodow and Niclas Ytterdahl to the Board of Directors. Mr. Slobodow will join the Board effective immediately and Mr. Ytterdahl will serve as a non-voting observer to the Board until his election to the Board after the 2023 Annual General Meeting (the “Annual Meeting”).
Upon joining the Board, Mr. Slobodow is expected to serve on the Nominating and Corporate Governance Committee and Mr. Ytterdahl on the Audit Committee.
As part of the cooperation agreement, Ancora has agreed to the usual standstill, voting commitment and other provisions. A complete copy of the Cooperation Agreement will be filed with the US Securities and Exchange Commission on Form 8-K.
creation from New capital city allocation and operations committee
The Board also forms a Capital Allocation and Operations Committee (the “Committee”) to focus on capital allocation and operational excellence. The committee will be co-chaired by President and Chief Executive Officer Scott Hall and Mr. Slobodow and will include Chairman Mark O’Brien. Mr. Ytterdahl will initially be an Observer of the Committee and then become a full member upon his appointment to the Board.
Proactive and accelerated board update
The company also announced that it…
