SCS Transportation reportedly has reached agreement with an investment group that sought to nominate its own candidates for the company’s board of directors. According to the Kansas City Star, SCS and Starboard Value and Opportunity Master Fund Ltd. say Jeff Ward, one of Starboard’s candidates, has been appointed as an independent director to SCS’ board.
Starboard, which owns 9.9 percent of SCS shares, sent a letter in January to SCS, suggesting the company shed its Jevic unit to help boost shareholder value, adding that it planned to submit its own slate of candidates for the board. With the appointment of Ward, Starboard has withdrawn its candidates, according to the Star. Kansas City, Mo.-based SCS also is working with Morgan Keegan & Co. to explore potential strategic options to improve shareholder value, says Bert Trucksess, SCS chairman and chief executive officer.
Ward, who will stand for election to the SCS board at the company’s April 20 annual shareholders meeting, is a vice president at A.T. Kearney, a global management consulting firm. His areas of expertise include corporate and marketing strategy, post-merger integration, restructuring and privatization, network operations, mergers and acquisitions and operations effectiveness.
