Tuesday, Pirate Capital's Thomas Hudson announced he has resigned from the Board of Directors of Cornell Companies Inc. (CRN). Hudson said he is resigning so he can pursue efforts at The Brink's Company (NYSE:BCO), where he was recently added to the board and has been pushing the company to review strategic alternatives.
Hudson's firm owns a 16.5% stake in Cornell.
"I am pleased to say that Cornell is a very different company than when I joined the board almost two years ago. In my tenure on the board, I have worked to see the stock appreciate from $13.60 to $20.50 per share. The company is now well-positioned to take advantage of the tremendous growth opportunities in the corrections industry, and has a new management team and a strong board in place leading it forward."