SPS Commerce Appoints Three New Independent Directors to the Board
March 16 2018 - 4:15PM
SPS Commerce, Inc. (NASDAQ:SPSC), a leader in retail cloud
services, announced today that its Board of Directors appointed
Melvin Keating, Michael McConnell and Marty Reaume as independent
directors to the Company’s Board of Directors, effective
immediately.
James Ramsey, Chair of the Governance and Nominating Committee,
said, “We welcome Mel, Mike and Marty to the Company’s Board of
Directors. They bring diverse backgrounds and extensive operating,
financial and leadership experience that will provide valuable
insights into our business priorities. We look forward to
working together as SPS continues its growth path.”
In connection with these actions, the Company entered into an
agreement with Legion Partners Holdings, LLC, Ancora Advisors, LLC
and certain of their affiliates. Pursuant to the agreement,
the Company agreed to nominate Messrs. Keating and McConnell, who
were nominated by Legion Partners. In addition, one board
member will not stand for re-election at the 2018 annual meeting of
stockholders so that immediately following the annual meeting the
Board will comprise 9 directors. Pursuant to the agreement,
Legion Partners and Ancora Advisors have agreed, among other
things, to vote their shares in support of the director nominees
recommended by the Board at the Company’s 2018 annual meeting of
stockholders. The agreement between SPS Commerce and Legion
Partners will be included as an exhibit to the Company's Current
Report on Form 8-K to be filed with the Securities and Exchange
Commission.
Christopher Kiper, Managing Director of Legion Partners, said,
"Our investment in SPS Commerce reflects our confidence in the
company as a leader in cloud-based supply chain management
solutions. I am confident the skillset and expertise of these
individuals will further our common goal of enhancing value for SPS
shareholders.”
About Melvin KeatingMelvin L. Keating, has
served in multiple executive positions over his extensive
career. Currently, he is a consultant, providing investment
advice and other services to public companies and private equity
firms. He serves as a director of Harte Hanks, Inc., MagnaChip
Semiconductor Corporation, and Agilysys Inc. Previously, Mr.
Keating was CEO of Alliance Semiconductor Corporation, a strategy
consultant for Warburg Pincus Equity Partners and CEO of Sunbelt
Management.
About Michael McConnellMichael J. McConnell has
extensive operating and financial experience. Currently, he is a
private investor and has served on numerous public and private
company boards. He serves as a director of Adacel
Technologies. Previously, Mr. McConnell was Interim CEO of
Spark Networks, CEO of Collectors Universe, and Managing Director
of Shamrock Capital Advisors, the alternative investment vehicle of
the Disney family.
About Marty RéaumeMarty M. Réaume is a seasoned
HR executive. Currently, she is the Chief People Officer of
Twilio Inc. Ms. Reaume previously served as Chief People Officer of
Fitbit, Inc. and NetSuite Inc.
About SPS Commerce
SPS Commerce perfects the power of trading partner relationships
with the industry's most broadly adopted, retail cloud services
platform. As a leader in cloud-based supply chain management
solutions, we provide proven integrations and comprehensive retail
performance analytics to thousands of customers worldwide. SPS
Commerce has achieved 68 consecutive quarters of revenue growth and
is headquartered in Minneapolis. For additional information, please
contact SPS Commerce at 866-245-8100 or visit
www.spscommerce.com.
SPS COMMERCE, SPS, SPS logo, RETAIL UNIVERSE, 1=INFINITY logo,
AS THE NETWORK GROWS, SO DOES YOUR OPPORTUNITY, INFINITE RETAIL
POWER, RETAIL UNIVERSE are marks of SPS Commerce, Inc. and
Registered in the U.S. Patent and Trademark Office. RSX,
IN:FLUENCE, and others are further marks of SPS Commerce, Inc.
These marks may be registered or otherwise protected in other
countries.
SPS-F
Contact:
Investor RelationsThe Blueshirt GroupIrmina BlaszczykLisa
LaukkanenSPSC@blueshirtgroup.com415-217-4962
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