Invacare Corporation recently announced that it has entered into a cooperation agreement with its largest shareholder, Azurite Management LLC (“Azurite”), which currently owns approximately 10.3percent of the company’s outstanding shares as of June, 2022. As part of the agreement, Invacare appointed two new independent directors, Steven H. Rosen and Ambassador Edward F. Crawford, effective immediately. Mr. Rosen will serve on the company’s Audit and Compensation and Management Development Committees, and Ambassador Crawford will serve on the company’s Nominating and Governance Committee.
“Following constructive dialogue and collaboration with Azurite, we are pleased to strengthen our Board with the addition of Mr. Rosen and Ambassador Crawford. They bring a wealth of experience in operations and business transformation, and their familiarity with Invacare’s history will be invaluable. We look forward to collaborating with them on ways to accelerate our business evolution and enhance profitability,” said Matt Monaghan, chairman, president and chief executive officer.
“Ambassador Crawford and I are excited to join Invacare’s Board of Directors, and work with the board and management team to drive operational improvements which will enhance both shareholder value and Invacare’s leadership position,” said Mr. Rosen.
As a result of other business commitments, Julie A. Beck and Stephanie L. Fehr have resigned from the Board effective August 22, 2022. Mr. Monaghan commented, “I would like to thank Julie and Stephanie for their exemplary service to Invacare and wish them the best in their future endeavors.”
With the changes announced today, the number of Invacare directors remains at eight total members, seven of whom are independent. The company remains committed to appointing at least one director who is racially and/or ethnically diverse by the next annual meeting.
Under the terms of the cooperation agreement between Invacare and Azurite, Azurite has agreed to customary standstill, voting and other provisions. The full cooperation agreement will be filed on a Form 8-K with the Securities and Exchange Commission.
