Blackhawk adds two new directors in deal with Jana Partners

|About: Blackhawk Network Holdings,... (HAWK)|By:, SA News Editor

Blackhawk Network Holdings (HAWK +7.2%) surges near 52-week highs after saying it will add two new independent directors following an agreement with activist investor Jana Partners, which owns a ~4.7% stake in the company.

Under the agreement with Jana, HAWK also will form a committee that will evaluate all options for increasing cost savings.

Also, CFO Jerry Ulrich says he plans to retire by the end of this year, and the company has initiated a search to identify a replacement; he has been HAWK's CEO since joining the company in 2006.