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Corteva : Three New Independent Directors Proposed By Starboard To Join Board

Corteva Inc. (CTVA) said Friday that it has reached an agreement with Starboard Value LP and its affiliates, by which three new independent directors proposed by Starboard-David Everitt, Janet Giesselman, and Kerry Preete-will join Corteva's board, effective immediately, each with terms expiring at the company's upcoming 2021 Annual Meeting of Stockholders. The AGM is, currently scheduled to be held on May 7, 2021.

The company has also agreed to nominate the three new independent directors for election as directors at the 2021 Annual Meeting.

The company announced that Karen Grimes will also join the company's Board, effective immediately, with her term expiring at the 2021 Annual Meeting, when she will stand for election.

Lee Thomas, Robert Brown and Lois Juliber will not stand for re-election to the Board at the 2021 Annual Meeting.

The company noted that the size of the Board will temporarily increase from 12 to 16 directors, with the addition of the four new independent directors. Upon the conclusion of the 2021 Annual Meeting, the Board will be reduced to 13 directors, 12 of whom will be independent.

As a result of the agreement, Starboard will withdraw its director nominations previously submitted to Corteva and will support the Board's full slate of directors at the 2021 Annual Meeting. Starboard also agreed to abide by customary standstill provisions and voting commitments.

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