Emcore, the provider of inertial navigation products, has made significant changes to its board of directors as part of a cooperation agreement with investor Bradley Radoff. The move comes after Radoff reported a substantial stake in the company last year and called for changes to be made.
New Chairman and Director Appointed
Under the agreement, Chairman Stephen Domenik will step down from the board, retiring earlier than originally planned. In his place, Cletus Glasener has been appointed as the new chairman. Additionally, Jeffrey Roncka has joined the board as a new director.
Expansion of the Board and Committee Overhaul
To accommodate the new additions, Emcore has expanded its board from five to six members. Furthermore, the company has agreed to overhaul its strategy and alternatives committee. This committee will now include oversight and completion of a comprehensive business review. The review will focus on assessing the company’s operational performance, cost structure, and portfolio composition. Roncka will serve as the chair of this committee, which will consist solely of independent directors.
Investor’s Call for Change
Bradley Radoff, who holds a 7.9% stake in Emcore, expressed the need for a refreshed board with new independent shareholders to address the company’s declining stock price. Radoff welcomed the constructive agreement reached between himself and the board.
Emcore looks forward to implementing these changes to strengthen its leadership and improve its overall performance.