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Potbelly settles with Ancora, adds Boehm to board

Published 10/05/2017, 04:22 PM
© Reuters.  Potbelly settles with Ancora, adds Boehm to board
  • Potbelly (PBPB +1.7%) has reached a settlement with activist investor Ancora Advisors in which it's adding Ancora Portfolio Manager Joseph Boehm to its board.
  • Boehm's initial term will run through the company's 2018 annual meeting, and he'll be on the slate for re-election then.
  • Boehm or an Ancora replacement will also serve on the Nominating and Corporate Governance Committee and on the Strategic Review Committee.
  • The settlement agreement will continue until 30 days prior to the last day of the advance notice deadline for the 2019 annual meeting or 30 days after the last day that an Ancora rep serves on the board, whichever is later.
  • Ancora had written to the board this summer urging strategy changes or (failing that) a sale of the company.


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