Harvard Bioscience appeases activist investor with new board member
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Harvard Bioscience's Holliston headquarters on October Hill Road
Holliston-based Harvard Bioscience announced Thursday that Susan Steele has been appointed to the company’s Board of Directors as a Class III director in a move to appease an activist investor company planning to nominate their own board member candidates.
“I want to thank Engine Capital for its collaborative approach in working with us, and our concentration is 100 percent on working through today’s COVID-19 related challenges and preparing for a much stronger business,” said Jim Green, president and CEO of Harvard Bioscience.
In conjunction with the appointment - which increases the board to seven people, six of whom are independent - Engine Capital, L.P. in New York City has withdrawn its notice of intention to nominate director candidates at Harvard Bioscience’s 2020 Annual Meeting and agreed to vote its shares in favor of the director candidates nominated by the company for election at such meeting.
Steele is CEO of Steele & Partners LLC, a New York City consulting firm specializing in program management and supply chain performance, who sits on the board of Philadelphia construction consulting firm Hill International. She has more than 35 years of experience leading global businesses in the architecture, engineering and construction industry. Previously, Steele served as senior vice president of global supply management at Jacobs Engineering in Dallas.
Green said he is pleased to have Steele on board as the company focuses on its turnaround. The company is currently implementing a restructuring program expected to save about $4 million, including laying off approximately 10% of its workers and closing its facilities.
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