Newell Reaches Agreement With Starboard; 3 Independent Directors To Join Board

(RTTNews) - Newell Brands (NWL) announced an agreement with Starboard Value LP to end its current proxy contest. As part of the agreement, the Board has appointed two new independent directors, Gerardo Lopez and Robert Steele, effective immediately. The company also intends to nominate Bridget Ryan Berman from Starboard's slate, who has been mutually-agreed upon by Starboard and Carl C. Icahn, for election to the Board at the 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.

Pursuant to the agreement, Starboard has agreed to withdraw its slate of directors and vote all of its shares in favor of the Newell Brands nominees at the 2018 Annual Meeting of Shareholders.