Horizon Lines expands Board of Directors
Horizon Lines has announced that it will expand its Board of Directors to 11 members from eight, effective November 25, 2011. In conjunction with the expansion, seven new directors will be appointed and four of the existing eight directors will retire. The board changes and expansion are as follows.
Jeffrey A. Brodsky, Kurt M. Cellar, Carol B. Hallett, James LaChance, Steven L. Rubin, Martin Tuchman and David N. Weinstein will join the board as independent directors.
The new directors will join Board Chairman Alex J. Mandl, William J. Flynn, Bobby J. Griffin and Stephen H. Fraser, who remains interim President and Chief Executive Officer of Horizon Lines.
Board members James G. Cameron, Vern Clark, Norman Y. Mineta and Thomas P. Storrs will retire.
"I want to express my heartfelt appreciation to our four retiring directors for their dedicated, exemplary and long-standing service to Horizon Lines," said Alex J. Mandl. "I also welcome our new directors, whose extensive experience will serve us well as we move forward following the comprehensive refinancing of our entire capital structure last month."
The seven new board members were nominated by the existing Board of Directors in consultation with certain of the company’s note holders, who funded the comprehensive $652.8m refinancing on October 5, 2011. The expanded board will be comprised of four Class I directors, four Class II directors and three Class III directors. The terms of Class I, II and III directors expire at the company’s annual meeting of stockholders in 2012, 2013 and 2014, respectively.
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