HGIM Corp., the parent company of Harvey Gulf International Marine, LLC, announced today that the holders of over 85% of its common stock—including Gladiator Investments LLC, an affiliate of Shane J. Guidry; Walker Ridge Capital Management LLC, an affiliate of the Jordan Company LP; and certain affiliates of Black Diamond Capital Management LLC., have entered a security holders agreement that will see the Harvey Gulf board of directors cut from seven members to five.
In connection with the agreement, Sherman Edmiston and James Swent have each resigned from the board of directors. Following these changes, the members of the board will be Guidry, Peter Frank, Steve Orlando, Jeff Landry and J. Mark Burns, all current members of the board.
Guidry, the majority owner of Gladiator Investments LLC and the CEO and chairman of the board of Harvey, commented, “I am pleased to report that the holders of the vast majority of Harvey’s common stock have come to agreement regarding the composition of the board of directors and other matters. This agreement will further enhance the board’s alignment with its stockholders, and we all look forward to working collaboratively to deliver superior stockholder value in the years ahead. Finally, on behalf of the Harvey’s board, we thank Sherman Edmiston and James Swent for their service and many contributions to Harvey over the past few years.”