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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
While reporting its financial results for the second quarter on Thursday, Kellogg Co. (K) reaffirmed its currency-neutral adjusted earnings growth guidance for the full year 2021. For fiscal 2021, the company now projects currency-neutral adjusted earnings per share growth of about 1 to 2 percent... Moderna Inc. (MRNA) reported a profit for the second quarter compared to a loss in the previous year, reflecting surging revenues on commercial sales of the company's COVID-19 vaccine in the U.S. Quarterly earnings per share and revenues topped analysts' expectations. The company raised its 2021 sales forecast for its COVID-19 vaccine. New Widetech has recalled dehumidifiers sold under various brand names citing fire and burn risks, the U.S. Consumer Product Safety Commission said. The brand names include AeonAir, Amana, Haier, Honeywell, and Whirlpool, among others. The recall was initiated after New Widetech received reports of 107 incidents of the recalled dehumidifiers overheating and/or catching fire.
Follow RTT