First Foundation Inc. (Nasdaq: FFWM), a Dallas-based bank and wealth manager with significant operations in Irvine, said it has reached an agreement with activist investor Driver Management Company LLC to permit its nominee, Allison Ball, to run for the election on the board of directors.
The agreement “ends the parties’ costly and disruptive litigation in Delaware Chancery Court,” the company said in a statement, adding that the settlement contemplates mutually agreed upon governance practices related to the nomination of future nominees.
However, First Foundation said it has “concerns” about Ball, saying she lacks “executive experience in any relevant industry” and has “exhibited penchant for making inflammatory, insulting or degrading comments that would reflect negatively on the company, its clients and potential partners.”
Shares of First Foundation declined 2.8% to $6.31 and a $357 million market cap.
