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Article: Steel Partners Urges Adaptec Stockholders to Follow Recommendation of RiskMetrics, Proxy Governance to Remove CEO Sundaresh, Legacy Director Loarie.
- Article from:
- Investment Weekly News
- Article date:
- November 14, 2009
CopyrightCOPYRIGHT 2009 NewsRX. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Steel Partners II, L.P. ("Steel Partners") announced that it has delivered the following letter to stockholders of Adaptec, Inc. ("Adaptec" or the "Company") (NASDAQ:ADPT) urging them to follow the recommendation of RiskMetrics Group and Proxy Governance, Inc. to consent to the removal of CEO S. "Sundi" Sundaresh and Legacy Director Robert J. Loarie by signing, dating and returning the WHITE consent card today. In the letter, Steel Partners said that the substantial show of support from RiskMetrics and Proxy Governance, two truly independent third parties, validates Steel Partners' plans to maximize value at Adaptec and its call for changes to the Adaptec Board. Steel ...
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