Hedge Fund Barrington Drops Board Slate

Oct 10 2007 | 7:08am ET

A group of hedge funds led by Barington Capital Group has struck a deal with consumer products company Lancaster Colony Corp., dropping a plan to nominate director candidates in exchange for concessions from management.

Under the deal, Columbus, Ohio-based Lancaster Colony has agreed to name an independent director acceptable to Barington, form a task force to “work on improving its operations, productivity and profitability,” as well as to consider “strategic alternatives” for its nonfood businesses, and establish a repurchase program and “corporate governance initiatives.” In return, the Barington group has withdrawn its three board nominees.

In June, Barington CEO James Mitaronda, whose firm owns 5.6% of Lancaster Colony, savaged the company’s CEO, John Gerlach, accusing him of running the company like a “private, family-owned business,” and calling on the board of directors to rein him in.


In Depth

Bob Doll's Ten Market Predictions For 2016

Jan 7 2016 | 9:37pm ET

Well-known market strategist Robert Doll has published his annual list of ten predictions...

Lifestyle

Citadel's Ken Griffin Donates $40M To New York's Museum of Modern Art

Dec 22 2015 | 9:23pm ET

Citadel founder Ken Griffin has donated $40 million to New York’s Museum of Modern...

Guest Contributor

Hedge Fund Marketing - Making the Most of Your Salesperson

Jan 20 2016 | 8:11pm ET

In this contributed article, Bruce Frumerman of Frumerman & Nemeth takes a close...