Joele Frank, Wilkinson Brimmer Katcher is working for Newell Brands as the Hoboken-based consumer products company faces a potential proxy fight with activist investor Starboard Value.
Newell today advised shareholders to sit tight as "no action is required at this time" concerning Starboard's plan to nominate ten directors to replace its entire board. Newell promised to review the qualifications of "validly submitted proposed director nominees."
The company expressed support for its "highly qualified and experienced directors" who possess the global leadership, finance, brand management and manufacturing savvy that is critical to its success.
Newell assured investors that its "accelerated transformation plan" announced Jan. 25 will improve operational performance and enhance shareholder value.
That program called for exploring strategic options for Rubbermaid's commercial unit, Waddington, Rawlings, Goody, US Playing Cards and other units to focus on more "consumer-facing categories" with a combined $11B revenue base.
JFWBK's Ed Trissel represents Newell.