Drinks group C&C has struck a deal with activist shareholders that will see the firm appoint one new non-executive director with capital markets experience to the board from an agreed short-list of nominees.
The agreement will also see investor Engine Capital withdraw its two proposed nominees for election at the upcoming AGM on August 15th.
"Engine has confirmed it will vote in support of all resolutions proposed at the AGM in line with the Board's recommendations," said Bulmers owner, C&C Group, in a statement confirming the moves.
The statement added that the two parties will work constructively together "in the best interests of the company, all its shareholders and wider stakeholders."
Engine Capital has had a stake in C&C for more than four years and owns just under 5%.
Recently it claimed in an open letter that C&C had been a "perennial underperformer", accusing it of "succession missteps, strategic mistakes, execution blunders, accounting adjustments due to deficient internal controls, goodwill impairment and the mismanagement of an enterprise resource planning implementation."
"The Company has consistently disappointed operationally and financially and has been unable to return to its higher historical earnings profile, leading to disappointing stock performance across every relevant period," New York based Engine said at the time.
It also called for the company to explore strategic alternatives to maximise value.
The company subsequently asked the C&C board to add two directors with the relevant financial skillsets and a shareholder mindset and put forward a number of names.
In June C&C chief executive Patrick McMahon resigned after the business restated three years of earnings and took an underlying charge of €5m.
Mr McMahon had been in the CEO role for a year.
