Invacare Corporation Announces Cooperation Agreement With Azurite Management
Wednesday, August 24, 2022
Invacare Corporation has recently entered into a cooperation agreement with its largest shareholder, Azurite Management LLC, which currently holds approximately 10.3% of the company's outstanding shares as of June 30, 2022. As part of this agreement, Invacare has appointed two new independent directors, Steven H. Rosen and Ambassador Edward F. Crawford, with immediate effect. Mr. Rosen will serve on the company's Audit and Compensation and Management Development Committees, while Ambassador Crawford will serve on the Nominating and Governance Committee.
Matt Monaghan, chairman, president, and CEO of Invacare, expressed satisfaction with the collaboration, stating, "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."
Mr. Rosen also expressed enthusiasm about joining Invacare's Board of Directors, stating, "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 that will enhance both shareholder value and Invacare's leadership position."
In light of other business commitments, Julie A. Beck and Stephanie L. Fehr have resigned from the Board, effective August 22, 2022. Mr. Monaghan expressed his gratitude, saying, "I would like to thank Julie and Stephanie for their exemplary service to Invacare and wish them the best in their future endeavors."
With these changes, the total number of Invacare directors remains at eight, with seven of them being independent. The company remains committed to appointing at least one racially and/or ethnically diverse director by the next annual meeting.
As per the terms of the cooperation agreement, Azurite has agreed to customary standstill, voting, and other provisions. The full agreement will be filed on a Form 8-K with the Securities and Exchange Commission.