Activist shareholder joins Argo board
The founder of activist shareholders Voce Capital Management LLC has been appointed as an independent member of Argo Group International Holdings Ltd’s board of directors.
J Daniel Plants is chief investment officer at Voce, a San Francisco-based hedge fund said to be the largest individual shareholder.
Announcing the appointment, Argo said Mr Plants was a seasoned investor, financial executive and senior adviser with three decades of experience helping companies successfully navigate change and unlock shareholder value.
Mr Plants founded Voce in 2011 after working at several leading financial institutions, including in executive positions in the mergers and acquisitions groups at Goldman Sachs & Co and JPMorgan Chase, and in the securities law practice at Sullivan & Cromwell.
He currently serves as the executive chairman of Cutera Inc and was until earlier this year a director at Calix Inc, where he chaired the strategic review committee.
Thomas A Bradley, Argo executive chairman and chief executive officer, said: “At Argo, our board regularly reviews its composition to ensure we are best positioned to effectively oversee the execution of our strategy while navigating a dynamic market.
“As a result, we are pleased to welcome Dan to the board during this pivotal time in Argo’s history. Voce Capital is Argo’s largest shareholder and Dan brings a valuable investor perspective and a unique understanding of our business.
“We are pleased to be continuing our longstanding collaboration and look forward to working more closely with Dan in this new capacity as we continue to position Argo for success and shareholder value creation.”
Mr Plants said: “We have appreciated our constructive dialogue with Argo over the past few years, and I’m delighted to formalise the working relationship by joining the board at this time.
“We continue to believe Argo is deeply undervalued and fully support the strategic review process that is currently under way. I am confident that the board will carefully consider all viable options during this comprehensive evaluation of strategic alternatives.
“I look forward to working with my fellow directors to achieve an outcome that maximises value for all Argo shareholders.”
In May, Argo announced that its board of directors had initiated an exploration of strategic alternatives.
The company said the review would include consideration of a wide range of options for the company including, among other things, a potential sale, merger or other strategic transaction.
With the addition of Mr Plants, Argo’s board will comprise of nine directors, eight of whom are independent, and six of whom have been appointed in the past three years.
Mr Plants will also be appointed to serve on the board’s strategic review committee and human resources committee.