CoreLogic Adding Board Members, Settles Highfields FightTuesday, June 12, 2012
Santa Ana-based CoreLogic Inc. is adding three new members to its board of directors and has announced the eventual retirement of its chairman, resolving a conflict with one of its largest shareholders.
The real estate data and analytics company said on Tuesday it had reached an agreement with Boston-based Highfields Capital Management LP, its largest independent shareholder, regarding changes to its board.
CoreLogic will be adding Douglas C. Curling, John C. Dorman and Jaynie Miller Studenmund to its board, which now counts seven members.
Also, the company said its current chairman, D. Van Skilling, will retire at its 2014 annual meeting and that a new chairman will be selected by the end of next year.
Highfields, which last year proposed a sale of CoreLogic and has called for a shake-up to the company’s executive management, in turn withdrew its own nominees for the board.
“We are pleased that the board has taken steps to ensure that a truly independent majority will be able to hold management accountable for performance and work with management to drive transformative change for the benefit of all shareholders,” said Highfields chief executive Jonathon Jacobson, in a statement.
CoreLogic, which was spun off from Santa Ana-based title insurance company First American Corp. in 2010, counts a market value of about $1.8 billion. Its shares are up nearly 30% in 2012.