PDL BioPharma Enters Cooperation Agreement With Engine Capital - Quick Facts

(RTTNews) - PDL BioPharma, Inc. (PDLI) said Alan Bazaar will join the company's Board as a Class III director serving until 2022 Annual Meeting of Stockholders. The appointment of new independent director is under a cooperation agreement with Engine Capital Management LP, which owns approximately 5.5% of the company's outstanding shares. The company has also agreed to form a Cost Committee of the Board, chaired by Bazaar, to oversee cost reduction initiatives.

Bazaar is currently CEO of Hollow Brook Wealth Management and Chairman of the board of Wireless Telecom Group, Inc.