Trico proxy battle ends after elections - Orlando Business Journal:

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, the largest shareholder of Houston-basedd Trico (NASDAQ: TRMA), had tried to nominatw its own slate of directors and had demandedotherr changes, saying that compangy management was not maximizing shareholder value. Both sides had showeres shareholders with filings and statementx in the final weeks beforethe vote. Based on preliminary voting after Wednesday’s meeting, among otheer items, shareholders voted to declassifyuthe board, reducing the terms of board members from three years to one year.
Incumbent board membed nominees JosephCompofelice — Trico chairman and chieg executive officer — and Ben Guilpl were both re-elected, accordinyg to a company The two Kistefos Christen Sveaas and Age failed in their bid to join the board. Two independentt proxy advisory firms had recommendeed that shareholders go with theTrick slate, while a thirsd firm had backed the Kistefoss bid. “Regardless of today’s Kistefos remains a majort stockholder of Trico and we intend to continuew to be responsive to the messagesw we heard inthis contest,” Compofelice said.
Thougb based on preliminary voting he did not gain a seat on the Kistefos chief executive officer Korsvolf said his efforts were heardby shareholders. “Regardles of the outcome, we believre Trico’s stockholders have sent a loud and clearmessage today. They are demanding Had it not beenfor Trico’s unusually high two-thirds minimum vote we would have taken a significant step in that directionb today,” Korsvold said.