Tegna, under pressure from activist investor Standard General, said it appointed Karen Grimes to its board as an independent director.
Grimes spent more than 20 years at Wellington Management Co., where she was a partner, senior managing director and equity portfolio manager. She retired from Wellington in 2018.
Standard General, which criticized the performance of Tegna’s stock and its merger and acquisition strategy, has been seeking seats on the broadcasters board. Tegna announced that it would not be in the best interest of Tegna shareholders to add any of the four Standard General nominees to Tegna’s board.
“Karen will bring an investor perspective to the Tegna board, and we look forward to leveraging her vast investment experience and independent viewpoint,” said Tegna CEO Dave Lougee. “We believe her insights will help us continue to execute effectively on our five pillar value-creation strategy and drive profitable growth both organically and through additional acquisitions.”
Tegna said it has added six new independent directors to its board over the past five years and now has 11 independent directors among its 12 board members.
“I am honored to be joining the Tegna board at such an important time in the Company’s strategic evolution in a rapidly changing industry landscape,” Grimes said. “I look forward to working with my fellow directors and the management team to provide the active oversight that will help Tegna continue to deliver value for shareholders.”
Tegna also announced that it declared a dividend of 7 cents a share, payable on April 1 to shareholders of record on March 6.
