Hedge fund Starboard Value said on Monday it nominated two additional directors to the board of Newell Brands, taking the total number of nominees to 12 as the activist investor seeks to replace the entire board and chief executive.
The nominations come two weeks after Newell named two new independent directors, expanding the board size to 11, in an attempt to rebuff Starboard’s efforts.
The fund has said the company has underperformed peers and mismanaged the integration of Jarden, which it bought in 2016.
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