logo
Share SHARE
FONT-SIZE Plus   Neg

Blackhawk Reaches Agreement With JANA Partners; To Add Two Independent Directors

Blackhawk Network Holdings, Inc. (HAWK) and JANA Partners LLC announced they have entered into a cooperation agreement. Under the agreement, Blackhawk has agreed to nominate Robert Henske and Jeffrey Fox for election to the Board at the Annual Meeting and JANA has agreed to customary standstill and voting commitments.

Under the agreement, Blackhawk will also form a Cost Savings Committee of the Board that will evaluate all options for increasing cost savings, including by, if the Cost Savings Committee so determines, engaging a cost consultant. The Committee will be comprised of four members, two of whom will be the new directors.

Blackhawk announced Jerry Ulrich, the company's CFO, announced that he plans to retire by the end of the current year. The company has initiated a search to identify a replacement for Ulrich, with assistance from Henske and other Board members. The company also reaffirmed all previous 2017 guidance.

Blackhawk announced it intends to restructure equity compensation for the named executive officers beginning in 2018 to enhance alignment with stockholder value creation. The company has also made certain changes to its compensation practices that will result in a lower dilution rate for 2017.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Shares of Samsung Electronics Co Ltd (SMSN.L, SSNNF.OB, SSNLF.OB) were gaining around 4 percent in the trading in South Korea after the company reported significant growth in its first-quarter profit with higher sales mainly in memory and display businesses. For the full year, the company expects overall earnings to grow from last year. Samsung Electronics Co Ltd (SMSN.L, SSNNF.OB, SSNLF.OB) reported that its net profit for the first-quarter of 2017 rose 46% to 7.68 trillion South Korean won or $6.8 billion from 5.25 trillion won for the same period a year earlier. The company said that it would not adopt a holding company structure. Casino operator Las Vegas Sands Corp. (LVS), Wednesday reported an increase in profit for the first quarter, gambling business in Macao, China, the world's biggest gambling market, revives. Earnings for the quarter trumped Wall Street expectations, as did revenues. First-quarter profit rose to $480...
comments powered by Disqus
Follow RTT