JDS Uniphase Activist Sandell Pushes Board to Ease Nominee Rules
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Sandell Asset Management Corp., the activist shareholder that pushed JDS Uniphase Corp. to split into two businesses, is demanding the board ease bylaws that make it difficult for shareholders to nominate directors and mount proxy fights.
Sandell, in an open letter dated Jan. 13, foreshadowed further action should JDS keep a nomination window that can leave shareholders only a day to submit alternative directors. Sandell had earlier attacked JDS’s “troubling governance practices” and last year helped convince holders of 34 percent of the company’s shares to vote against Martin Kaplan, director and governance committee chairman.