In consultation with Lion Point Captial as well as some of the company's other largest shareholders, Ally Financial (NYSE:ALLY) expect to appoint a new director no later than June 30, bringing the board size to 12.
Also, bylaws will be amended to permit shareholders with a 25% stake to call a special meting.
The upcoming proxy updates executive compensation policies to better align management and owner interests.
Chairman Frank Hobbs: "We are frustrated with the market perception reflected in the price of Ally's stock and the current discount to book does not reflect the inherent value of this company. Management expects to announce a number of new initiatives that will drive value creation over time and further position Ally for strong, long-term performance."
Source: Press release
Previously: Ally Financial brushes off activist (Jan. 5)
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