Ramius Capital puts forth slate of nominees to Luby's board

By Lisa Kerner

Charlotte, N.C., Oct. 17 - Starboard Value and Opportunity Master Fund Ltd., an affiliate of RCG Starboard Advisors, LLC and Ramius Capital Group, LLC, nominated a slate of four independent candidates for election to the board of directors of Luby's, Inc. The investors believe the nominees are well-qualified to assist the Houston-based restaurant operator in maximizing shareholder value.

Ramius' slate includes:

• Stephen Farrar, former senior vice president, Western Region of Wendy's International, Inc.;

• William J. Fox, a certified public accountant, business adviser and strategy consultant, formerly executive chairman of the board of Nephros, Inc.;

• Brian G. Grube, former chief executive officer and president of Baja Fresh Mexican Grill, a subsidiary of Wendy's; and

• Matthew Q. Pannek, former president and CEO of Magic Brands, LLC and Fuddruckers, Inc.

"As Luby's largest independent shareholder, we firmly believe the company is undervalued," Ramius partner Jeffrey C. Smith said in a news release.

"While we are excited about the potential growth prospects for the business, we believe the board can be strengthened to enable a higher probability of the most successful outcome."

Ramius, a New York-based investment firm, beneficially owns approximately 7.1% of Luby's common stock.

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