Corteva, Inc. (NYSE: CTVA) revealed Friday that it has entered into an agreement with Starboard Value LP and its associates. As per the agreement, three new independent directors will enter into the board of Corteva.
Starboard has suggested the name of members who will join the Board of directors of CTVA. The members include Janet P. Giesselman, Kerry J. Preete, and David C. Everitt. The three members will join the board of the firm with immediate effect, each with contractual conditions ending at the firm’s forthcoming 2021 Annual Meeting of Stockholders currently planned to be held on May 7, 2021.
The firm has also come to an agreement to appoint the three new independent directors for election as directors at the 2021 Annual Session. Furthermore, the firm disclosed that Karen H. Grimes will also enter the firm’s Board, with immediate effect, with her period ending at the 2021 Annual Meeting, when she will run for election.
Dr. Robert Brown, Lois Juliber, and Lee M. Thomas will not run for re-election to the Board at the 2021 Annual Meeting. On the interim basis, the size of the board reached 16 directors from 12, and after the ending of the Annual meeting the size of the board was reduced to 13 directors. Out of the 13 directors, 12 are independent.
After the deal between Starboard and Corteva, Starboard will remove its director proposals earlier presented to the Corteva and will provide support to the Board's complete list of directors at the 2021 Annual Meeting.