Adaptec, Steel Partners reach settlement on board nominees

By Lisa Kerner

Charlotte, N.C., Oct. 26 - Adaptec, Inc., in a settlement with 15% shareholder Steel Partners II, LP, agreed to nominate and solicit proxies for three Steel Partners representatives for election to Adaptec's board at its annual meeting on Dec. 13.

Steel Partners agreed to withdraw its preliminary proxy statement with its opposing slate of nominees. The investor will also end its proxy solicitation, according to a company news release.

Adaptec's board will expand to nine members from eight. Current directors Judith M. O'Brien and Charles J. Robel will not stand for re-election. Steel Partners' nominees John Mutch, John J. Quicke and Jack L. Howard will be appointed to the company's audit, compensation and nominating and governance committees, respectively, following their election to the board.

It was previously reported that on June 25, Steel Partners nominated Howard, Quicke, Mutch, Howard M. Leitner and Anthony Bergamo for election to the Milpitas, Calif., data storage company's board.

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