Argo
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The investor’s nominee Carol McFate will take the spot vacated by former CEO Mark Watson III. -
The meeting was moved up from a previous date in May after five directors stepped down.
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The activist investor called on the carrier to elect shareholder-nominated directors.
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The departures represent a significant win for the activist investor, which was seeking to force a special meeting to oust the directors.
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The former executive’s business travel has been restricted as part of the exit deal.
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A proposal for a special meeting from activist fund Voce Capital requires the backing of at least 10 percent of Argo shareholders.
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He will report directly to the company’s interim CEO Kevin Rehnberg, in a restructuring of the North American business.
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The carrier was concerned about Voce’s influence over the appointment of new directors.
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On Friday this publication revealed that the board of Argo would seek to make insider Kevin Rehnberg the permanent CEO, having earlier appointed him interim chief.
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The insurer requires permission from Bermudian authorities to affirm the appointment.
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An SEC investigation into corporate perks suggests “potential shortcomings in Argo’s governance framework”, S&P said.
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A forensic auditor found that benefits to former CEO Mark Watson were either ‘not disclosed or incorrectly disclosed’ to investors.
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