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Guidance Software Strikes Mutual Deal With Shawn McCreight On Proxy Contest

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Guidance Software, Inc. (NASDAQ: GUID) revealed it reached a mutual settlement agreement with its founder and former Chairman, Shawn McCreight, to end the proxy contest. The move assumed significance as the Company's upcoming annual meeting of stockholders was scheduled for May 11.

Guidance Software said that under the agreement, McCreight would resign his board position and the Company will appoint two of his nominees to serve as new directors on the board. Michael McConnell and Mr. John Colbert would both be appointed to join the Company's board of directors. Additionally, Chris Poole, a current board member and chairman of the nominating and governance committee, would exit the board.

The company's President and CEO, Patrick Dennis, said "The board and management team believe this settlement serves the best interests of the Company, stockholders, customers and employees. We welcome Mr. McCreight's nominees and look forward to getting back to the business of growing the Company and building stockholder value."

The Chairman of the Board, Robert van Schoonenberg, added further that "I would like to thank Shawn for his many contributions to the Company, and to thank Chris Poole for his outstanding board service since 2013."

For his part, McCreight said, "I am thrilled that we will be adding two fine directors to the Guidance Board. All stockholders benefit from this settlement, and I look forward to seeing great things from Guidance in the future."

As a result of the settlement deal, McCreight has agreed to vote in favor of the Company's slate of director nominees at the upcoming annual meeting of stockholders, and the litigation pending before the court would be dismissed. Aside from that, McCreight has agreed to a standstill extending through the middle of January 2018.

On Thursday, the stock traded higher by 0.6 percent.

Posted-In: News Management

 

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