(Source: Associated Press/AP Online)
NEW YORK - After a long-running proxy battle, activist shareholder Warren Lichtenstein said Monday his holding company had amassed enough support to remove chief executive Sundi Sundaresh from the board of data storage company Adaptec Inc.
But Adaptec said in a statement that it was awaiting certification of the voting materials, which would take several days.
Lichtenstein's hedge fund, Steel Partners II LP, called for removing Sundaresh and private investor Robert J. Loarie from the board, while shrinking the board's size to seven members from nine.
Steel Partners II said shareholders owning more than 50 percent of the company's shares agreed to the pair's removal.
"This strong display of shareholder support validates our belief that it is time for accountability and change at Adaptec," Lichtenstein said in a statement.
Adaptec shares rose 6 cents, or 1.9 percent, to $3.25 in afternoon trading Monday.
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