Newell Brands, the parent company of St. Louis-based Rawlings Sporting Goods, has settled its proxy fight with hedge fund Starboard Value LP by agreeing to add three new independent directors to its board.
Newell’s deal with Starboard calls for the immediate addition of two new directors, Gerardo Lopez and Robert Steele, and the nomination of a third, Bridget Ryan Berman, at Newell’s annual meeting.
The power struggle comes at a time when Newell, which acquired Rawlings in 2016, has said it’s exploring strategic options for some of its holdings, including Rawlings.
At one point in the proxy fight, Starboard had sought to replace Newell’s entire board. The company countered by filling four board seats with nominees from Carl Icahn. Icahn, the billionaire investor, agreed to give up two seats as part of Monday’s deal.
After Newell’s annual meeting, nine of 12 board members will be new.