Tennenbaum slate elected to Online Resources' board of directors

By Lisa Kerner

Charlotte, N.C., May 11 - Preliminary voting results show that John Dorman, Edward D. Horowitz and Bruce A. Jaffe have been elected to Online Resources Corp.'s 10-member board of directors, the company announced jointly with Tennenbaum Capital Partners.

Tennenbaum affiliate Special Value Opportunities Fund, LLC nominated Dorman, former chairman, president and chief executive officer of Digital Insight Corp.; Horowitz, former president and CEO of SES Americom; and Jaffe, former corporate vice president of Microsoft Corp.

Final results, when available, will be detailed in a filing with the Securities and Exchange Commission, the release said.

Egan-Jones Proxy Services and Glass, Lewis & Co. recommended that Online Resources shareholders re-elect three members of the company's board at the annual meeting on May 6.

As previously reported, Proxy Governance, Inc. recommended that shareholders vote for all of Tennenbaum's nominees, and RiskMetrics Group/ISS recommended in favor of Dorman and Horowitz.

"We are united with Tennenbaum in our commitment to serve our clients and maximize value for all shareholders," Online Resources chairman and CEO Matthew P. Lawlor said in a news release.

Online Resources is a Chantilly, Va.-based web-based financial services company.

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