Steel Partners’ designated director resigns from Rowan board
| August 8th, 2009 | ||
| Lawrence Ruisi, director on the board of Rowan Companies Inc. (NYSE: RDC) offered to resign on July 29. According to Reuters, in February, the oil and gas drilling company had agreed to expand its board from 11 to 12 in order to make space for a director designated by shareholder activist Steel Partners II LP. At the time, Steel Partners had held a 9.5% stake in Rowan. The contract stipulated that Mr. Ruisi would resign if Steel’s stake in Rowan fell below 5%, which occurred on July 15 when Steel reported that its stake in Rowan had fallen to 3.8%. | ||
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Steel Partners |
Related People: Joshua Schechter;
Related Entities: Steel Partners;
Related Article Tags: Shareholder Activists, Corporate Raiders and Proxy Battles
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