Galleon Group designee to sit on PeopleSupport board

By Lisa Kerner

Charlotte, N.C., March 3 - Galleon Group's designee, Krish Panu, will join the board of directors of PeopleSupport, Inc. under a letter agreement between the investor and the company.

PeopleSupport also agreed to increase the number of directors to eight, from seven, at its meeting on March 5.

In exchange, Galleon agreed to vote all its shares of PeopleSupport in favor of the nominees approved by the company's nominating and corporate governance committee.

As long as a Galleon designee remains on PeopleSupport's board, the investor will not initiate or participate in any proxy contest or support any shareholder proposal at any annual or special meeting.

Both Galleon and PeopleSupport agreed to refrain from making disparaging remarks publicly or in public filings about each other.

Either party can terminate the agreement any time after Dec. 31, 2008.

The letter agreement was included as part of a schedule 13D filing with the Securities and Exchange Commission.

In December, Galleon urged PeopleSupport's board to carefully study an unsolicited proposal from IPVG Corp. and AO Capital Partners seeking to acquire the company for $15 per share.

Galleon owns 5,780,548 shares, or 25.48%, of the Los Angeles-based offshore business process outsourcing provider.

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