Cision, the target of a takeover bid from Chicago-based GTCR Investment, said two executives of GTCR were elected to a new board of directors, including the chairman slot, in a special meeting May 20 in Stockholm.

Competitor Meltwater withdraw a competing bid for Cision on May 16, paving the way for GTCR's Blue Canyon Holdings to acquire the company.

GTCR principal Lawrence Fey was elected chairman and managing director Mark Anderson was also tapped for a seat on the board, which was reduced from seven members to five at the special meeting.

The other three seats were filled by new members Cedric Bradfer, Peter Lundin, and Ronan Carroll.

GTCR's Blue Canyon Holdings, which requested the May 20 meeting ahead of Cision's May 27 annual meeting, had acquired 71.9% of Cision's shares as of April 25.

GTCR acquired Vocus and took the company private in a $447M deal in April. 

Cision posted first quarter revenue of around $31.6M.

Updated 5/11: The new board said May 21 that it applied to de-list Cision shares from the Nasdaq OMX Stockholm exchange.