Newell, Starboard Reach Agreement

The proxy fight between Newell Brands and Starboard Value LP appears to be over as the two parties have reached an agreement that includes the appointment of new members to Newell’s board of directors.

As part of the agreement, Newell has appointed two new independent directors, Gerardo Lopez and Robert Steele, effective immediately. Additionally, the company intends to nominate Bridget Ryan Berman from Starboard’s slate, who has been mutually-agreed upon by Starboard and Carl C. Icahn, chairman of Icahn Enterprises LP (IEP), for election to the board of directors at the company’s 2018 annual meeting of shareholders.

In connection with the director appointments, Andrew Langham has agreed to step down from the board, effective immediately and David Atchison will not stand for election.