Insperity Makes Deal to Accept Starboard Nominee
May 19 2016 - 9:30AM
Dow Jones News
Insperity Inc. on Thursday said it reached an agreement with its
largest stockholder, Starboard Value LP, to add the activist
investor's nominee to the board and begin a search for another new
independent director.
Starboard holds a 15.6% stake in Insperity, according to FactSet
data.
Insperity, which provides human resources and other services to
businesses, agreed to appoint John Morphy as a director and "to use
its reasonable best efforts to hold the 2016 annual meeting on or
before July 8."
Mr. Morphy has more than 20 years of financial leadership
experience, including 15 years as the CFO of Paychex Inc.
The search for the additional director will be led by the
board's nominating and corporate governance committees, aided by an
independent search firm.
As part of the agreement, Starboard has agreed to vote all of
its shares in favor of Mr. Morphy and the company's incumbent class
III directors, Richard Rawson and Michael Brown, who are seeking
re-election at the 2016 annual meeting. The firm also agreed to
customary standstill provisions.
Starboard managing member Peter Feld said the addition of two
new directors "will provide additional insights and expertise as
the company continues to execute its strategy focused on profitable
growth."
"We continue to see significant value in the company's premium
service offerings and competitive advantage," he said.
Write to Anne Steele at Anne.Steele@wsj.com
(END) Dow Jones Newswires
May 19, 2016 09:15 ET (13:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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