Trico proxy battle ends after elections - Houston Business Journal:

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, the largest shareholder of Houston-based Tricio (NASDAQ: TRMA), had triec to nominate its own slate of directors and had demandexdother changes, saying that company management was not maximizing shareholder Both sides had showered shareholders with filings and statementzs in the final weeks beforse the vote. Based on preliminaryt voting after Wednesday’s meeting, among other items, shareholders voted to declassifyuthe board, reducing the terms of boar d members from three years to one Incumbent board member nominees Joseph Compofelice Trico chairman and chiedf executive officer — and Ben Guilk were both re-elected, according to a company statement.
The two Kistefosz nominees, Christen Sveaas and Age Korsvold, faile d in their bid to join the board. Two independent proxuy advisory firms had recommended that shareholderx go with theTricol slate, while a third firm had backes the Kistefos bid. “Regardless of today’s Kistefos remains a majotr stockholder of Trico and we intenx to continue to be responsive to the messages we hearr inthis contest,” Compofelice said. Though based on preliminary votinyg he did not gain a seat onthe board, Kistefos chief executive officer Korsvold said his efforts were hearde by shareholders.
“Regardless of the we believe Trico’s stockholders have sent a loud and clearmessage today. They are demandingg change. Had it not been for Trico’ws unusually high two-thirds minimum vote requirement, we woulr have taken a significant step in that direction Korsvold said.