Publicly traded construction services firm Hill International Inc., which has been facing a challenge from an activist shareholder for the last year, canceled its annual meeting at the last minute and removed its chairman,
the
Philadelphia Business Journal
reported.
Irvin E. Richter, who founded Hill in 1976, will remain on the board as chairman emeritus after being ousted as chairman, the journal article said. He will be succeeded by his son, CEO David L. Richter. The younger Richter will continue as CEO but relinquish the title of president, the article said.
Raouf S. Ghali will assume the president's role. In addition, CFO John Fanelli III and general counsel William H. Dengler Jr. will become executive vice presidents. The company also expanded the board from nine to 11 members, and two people resigned from the compensation committee, the journal article said.
The annual meeting, which had been scheduled for August 11, was postponed until October 21, the article said.
Activist investor Bulldog Investors said in a statement that Hill made the board changes to “avoid losing a proxy contest to Bulldog,” the article said. (Source:
Philadelphia Business Journal
, Aug. 19, 2016.)
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