Oct 18 Title insurer Stewart Information
Services Corp said on Tuesday it would add four new
directors to its board, reaching a deal with activist investor
Starboard Value LP.
Starboard Value is the company's biggest shareholder with a
9.9 percent stake.
Stewart Information's chief executive, Matthew Morris, and a
new independent director, Clifford Press, will be appointed to
the board, effective immediately, the company said.
Morris and Press will replace Malcolm Morris and Stewart
Morris, who served as co-CEOs from 2000 to November 2011.
Stewart Information also said its board will additionally
appoint two other new independent directors who will replace
current board members Laurie Moore-Moore and Frank Keating.
Reuters reported in September that Stewart Information was
close to reaching a deal with Starboard.
Title insurers guarantee property owners have title to their
property and can legally transfer it in a sale.
(Reporting by Ankit Ajmera in Bengaluru; Editing by Sriraj