Shareholders of the struggling Imation Corp. have voted to oust three board members, including the board's chairman and the company's CEO.
At the data storage company's annual meeting Wednesday in Lake Elmo, shareholders elected a slate of three board nominees put up by the Clinton Group, an activist investor in New York.
The outcome, which still must be certified, ends a prickly proxy battle that resulted in missives lobbed by both sides via letters to shareholders and filings to the Securities and Exchange Commission.
Clinton officials accused executives of the Oakdale-based Imation of mismanagement, excessive pay and years of dismal results. In return, Imation officials characterized Clinton executives as Johnny-come-lately shareholders who were motivated only by personal gain.
In the end, shareholders decided they wanted some fresh eyes that might improve shareholder value and stop the financial hemorrhaging. New board members are Joseph De Perio, Clinton's senior portfolio manager; data storage executive Robert Fernander; and Barry Kasoff, president of Realization Services Inc.
After the vote, Imation's stock rose 4 cents to close at $4.59.
"We are pleased that shareholders spoke loudly for their voice" in this company, De Perio said after the annual meeting.
The vote ousted Mark Lucas from the board, but it did not take away his role as Imation's CEO.