Houston Wire & Cable Company Elects David Nierenberg to its Board of Directors, Makes Other Governance Changes
March 11 2020 - 4:28PM
Houston Wire & Cable Company (NASDAQ: HWCC) announced that
David Nierenberg has been elected to its Board of Directors,
effective March 16, 2020. Mr. Nierenberg is Founder and President
of Nierenberg Investment Management Company, Inc. (NIMCO), which
manages the D3 Family Funds. The Board of Directors has also
appointed Damon Benedict, a partner at NIMCO, as a board observer
effective as of the same date.
“The D3 Family Funds have been our largest shareholder for some
time now,” said William H. Sheffield, Chairman of the Board. “We
appreciate both their continuing support as a shareholder and the
advice they have provided to the Board. The Board of Directors has
concluded it is in the best interests of the corporation and its
shareholders to take this relationship one step further.”
Mr. Nierenberg, 66, will become a member of the Compensation
Committee and the Nominating and Corporate Governance Committee.
Mr. Nierenberg is also a member of the board of the Washington
State Investment Board, Flotek Industries, Inc. (NYSE: FTK),
Riverview Bancorp (NASDAQ: RVSB), Rosetta Stone (NYSE: RST) and The
National WWII Museum, and he chairs the board of the Ira Millstein
Center for Global Markets and Corporate Ownership at Columbia Law
School. Mr. Nierenberg is a graduate of Yale University and Yale
Law School.
In conjunction with Mr. Nierenberg’s election, the board will be
expanded to eight directors. For the May 5 Annual Meeting of
Stockholders, the Board of Directors has nominated for election Mr.
Nierenberg and all incumbent directors, other than Robert L.
Reymond, who will retire from the board at the Annual Meeting.
Following the Annual Meeting, the board will return to its current
size of seven directors.
Finally, to further align directors’ interests with other
shareholders, the Board of Directors has determined that, effective
with the Annual Meeting of Stockholders, all director compensation
will be paid in equity. This change is subject to the stockholders
approving additional shares for the 2017 Stock Plan at the Annual
Meeting.
About the Company
With 44 years’ experience in the industry, Houston Wire &
Cable Company, an industrial distributor, is a large provider of
products in the U.S. market. Headquartered in Houston, Texas, the
Company has sales and distribution facilities strategically located
throughout the United States.
Standard stock items available for immediate delivery include
continuous and interlocked armor cable; instrumentation cable;
medium voltage cable; high temperature wire; portable cord; power
cable; primary and secondary aluminum distribution cable; private
branded products, including LifeGuard™, a low-smoke, zero-halogen
cable; mechanical wire and cable and related hardware, including
wire rope, lifting products and synthetic rope and slings;
corrosion resistant fasteners, hose clamps, and rivets.
Comprehensive value-added services include same-day shipping,
knowledgeable sales staff, inventory management programs,
just-in-time delivery, logistics support, customized online
ordering capabilities and 24/7/365 service.
CONTACT:
Kayla Draper
Investor Relations Coordinator & Assistant to the CEO
Direct: 713.609.2227
Fax: 713.609.2168
kdraper@houwire.com
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