Ramius Wins Board Seats at A. Schulman

Shareholders of A. Schulman, the global plastics company, yesterday elected two candidates to its board of directors nominated by dissident shareholder Ramius Capital, according to a report by Reuters.

Based on preliminary voting from its shareholder meeting, Ramius nominees Michael Caporale, Jr. and Lee Meyer won election over candidates proposed by the company, Schulman said. The final vote tally is expected to be certified within a week, the Akron, Ohio-based company said.

"We are gratified by the strong support from Schulman's stockholders," Ramius partner Mark Mitchell told Reuters. "They clearly understand the benefits of adding two independent directors of the caliber of Michael Caporale, Jr. and Lee Meyer to the Board."

Ramius, which owns about 7.4 percent of Schulman's stock, has criticized the company's management for not living up to its promise to explore strategic alternatives, including a possible merger or sale.

Schulman last year named Goodyear Tire & Rubber Co. executive Joseph Gingo to replace Terry Haines as chief executive and president and outlined a 100-day plan aimed at improving profitability and driving future earnings growth.