A. M. Castle & Co. (CAS) announced that it has reached an agreement with Raging Capital Management, LLC on the composition of the Company's Board of Directors.
As per the terms of the settlement agreement, Castle has elected three new independent directors to its Board. Steven Scheinkman, Kenneth Traub, and Allan Young have joined Castle's Board effective March 17, 2015. Each of these individuals will be included in the Company's nominations for election at the 2015 Annual Meeting of Shareholders.
As a part of this agreement, current directors John McCartney and Terrence Keating have resigned from their positions effective March 17, 2015, and the Board has expanded its size to 10 to accommodate the new directors.
Castle's Board has also created a Finance Committee that will review, evaluate, and make recommendations to the Board regarding the Company's capital structure, capital allocation, working capital management, and other financial policies. The Finance Committee is comprised of four members, two newly appointed directors and two existing directors, and will be chaired by director Jonathan Mellin.
In connection with this agreement, Raging Capital has agreed to certain standstill, voting and support commitments.
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