Business
Spok Announces Reduction in Size of Board of Directors
Aligns Board Size and Composition with New Strategic Business Plan and Structure Reaches Support Agreement with Braeside Investments ALEXANDRIA,
About this update from Spok Holdings, Inc.
[{"type":"text","content":"\nAligns Board Size and Composition with New Strategic Business Plan and Structure\n\nReaches Support Agreement with Braeside Investments\n\n ALEXANDRIA, Va.--(BUSINESS WIRE)--\nSpok Holdings, Inc. (NASDAQ: SPOK) (“Spok” or the “Company”), a global leader in healthcare communications, today announced that it has reduced the size of its Board of Directors (the “Board”) to six members to better align the Board’s size and composition with the Company’s recently announced business strategy.\n\nAs a result of the reduction in Board size, four incumbent directors will not stand for re-election at the Company’s 2022 Annual Meeting of Stockholders (the “Annual Meeting”): Blair Butterfield, Stacia Hylton, Matthew Oristano and Chair Royce Yudkoff. Consistent with applicable law, all current directors will continue to serve their full terms, which expire at the Annual Meeting. Additionally, the Board intends to select Christine M. Cournoyer as its new independent Chair after the Annual Meeting.\n\nThe Board’s director nominees standing for election at the Annual Meeting will be Dr. Bobbie Byrne, Christine Cournoyer, Randy Hyun, Vincent Kelly, Brett Shockley and Todd Stein. If these six nominees are elected to the Board, the new average tenure of the independent directors will be less than three years.\n\nMs. Cournoyer, Chair of the Nominating and Governance Committee, said, “We would like to sincerely thank Blair, Stacia and Matthew for their important contributions on the Board. I would also like to especially extend our gratitude to Royce for his tireless service as Chair. The perspectives and experience these directors have contributed over the years has been extremely valuable. We wish these departing directors great success in their future endeavors.”\n\nOn February 17, 2022, Spok announced a new strategic business plan to maximize revenue and cash generation from its established lines of business (the Spok Care Connect Suite including Spok Mobile, and Wireless services), while prioritizing returning capital to shareholders. The Company’s previously announced review of strategic alternatives remains ongoing.\n\nMs. Cournoyer continued, “As Spok executes our strategic shift, we believe these changes to the Board will best reflect the appropriate needs of the Company, while allowing us to maintain our commitment to having a diversity of...