Brink's Reaches Agreement With Starboard; Adds Three Directors; CEO To Retire

(RTTNews) - The Brink's Company (BCO) said that it has entered into an agreement with Starboard Value LP, which has a combined beneficial and economic ownership of approximately 12.3% of the Company's outstanding common stock, regarding the composition of the Brink's Board of Directors.

Under the terms of the agreement, the Brink's Board of Directors has elected Ian Clough, George Stoeckert and Peter Feld to the Board, effective immediately. Clough, Stoeckert and Feld will stand for election as nominees of Brink's at the Brink's 2016 annual meeting of shareholders, together with incumbent director Paul Boynton.

In connection with the appointment of the new directors, Murray Martin and Ronald Turner have retired from the Board of Directors, effective immediately.

Brink's also announced that Chairman, President and Chief Executive Officer Thomas Schievelbein will step down and retire early, effective as of the date of the Brink's 2016 annual meeting of shareholders (or earlier, if a successor is appointed).

The Brink's Board of Directors intends to promptly commence a search to identify a successor Chief Executive Officer, considering both internal and external candidates.

In connection with Schievelbein's announced retirement, the Board of Directors will elect a non-executive Chairman of the Board from among the independent members of the reconstituted Board, whose selection will be mutually agreeable to Starboard and Brink's.

As part of the agreement, Starboard has agreed to vote all of its shares in favor of the Brink's nominees at the 2016 annual meeting of shareholders and has entered into other customary standstill and voting commitments.

Peter Feld has been a Managing Member and the Head of Research of Starboard Value LP (an investment fund) since 2011. Prior to joining Starboard, Mr. Feld served as a Managing Director of Ramius LLC and a Portfolio Manager of Ramius Value and Opportunity Master Fund Ltd. from November 2008 to April 2011.

Ian Clough has been Managing Director of International Europe at TNT Express N.V. since April 2014 and serves as a Member of the company's Management Board. Previously, Mr. Clough served as Chief Executive Officer of DHL Express (USA), part of the Deutsche Post DHL Group from 2009 to 2014.

George Stoeckert has been a private investor and advisor since 2011 and previously served as President of North America and Internet Solutions at Dun & Bradstreet from 2009 to 2011. Prior to that, he held various senior leadership positions at Automatic Data Processing, Inc., including President of Employer Services International and President of the Major Accounts Services Division.