All three board of directors nominees backed by dissident shareholders headed by hedge fund Ramius have been approved by Tollgrade Communications. The Pittsburgh Tribune-Review reported three new board members, Scott Chandler, Ed Meyercord and Jeffrey Solomon will join five company-nominated members on the Tollgrade board. The company makes service assurance software and test equipment for telecommunications companies. Solomon is managing member of Ramius, Chandler is managing partner of Franklin Court Partners, a firm that advises broadband companies, and Meyercord is ex-CEO of Cavalier Telephone & TV. “It’s time for us to move past the proxy contest and focus on improving Tollgrade,” said CEO Joseph A. Ferrara. In a series of mailings to Tollgrade shareholders, Ramius criticized the company for spending hefty amounts on research and development and on acquisitions in recent years, but failing to improve the bottom line.
Three Dissidents Elected to Tollgate Board
Activists targeted communications company for spending on R&D and acquisitions without improving the bottom line
August 6, 2009