AECOM Announces Governance Agreement With Starboard; CEO Michael Burke To Retire

(RTTNews) - AECOM (ACM) announced it has entered a governance agreement with Starboard Value LP, an investment firm and shareholder of the company, which provides for the appointment of three new independent directors recommended by Starboard. The size of the Board is expanding to 11 members initially. Under the agreement, Starboard Managing Member Peter Feld will join the AECOM Board. In connection with the agreement, AECOM shareholder Engine Capital has committed to vote its shares in support of all of AECOM's director nominees at the 2020 annual meeting.

Michael Burke, AECOM Chairman and CEO, has notified the Board that he intends to retire. The Board will initiate a CEO succession process. Following the appointment of a new CEO, the roles of Chairman and CEO will be separated.