Gregory Spivy, a partner at ValueAct Capital, is now a member of the Armstrong Industries' board. The size of the Armstrong board of directors was increased from 11 to 12 prior to Spivy's appointment.
Spivy Joins Armstrong Board
Spivy has been a partner of ValueAct Capital for 10 years. He currently serves as the chairman and a director of Seitel. He is the former chairman of MSD Performance and a former director of KAR Auction Services, MDS, MSC Software Corp. and PRA International.
"We've had the opportunity to get to know Greg over the past few months, and we look forward to working with him more closely as a member of the board," said James O'Connor, Armstrong's chairman. "We believe that Greg will bring valuable insight given his background and financial expertise."
Spivy added, "Armstrong is a strong, global company with great long-term potential. I am honored to be joining the board, and I look forward to working with the other members of the board of directors, as well as with CEO Matt Espe and the entire management team, to help continue to drive growth and value for all shareholders."
ValueAct Capital holds approximately 17% of Armstrong's outstanding common stock. As described in more detail in Armstrong's Current Report on Form 8-K filed with the SEC, Armstrong entered into a nomination and shareholder's agreement with ValueAct Capital and Spivy provides for Spivy's appointment to the Armstrong board, and includes certain restrictions on ValueAct's ability to purchase additional Armstrong shares and take other actions.
For more information, visit armstrong.com.