Ramius nominees elected to A. Schulman's board of directors

By Lisa Kerner

Charlotte, N.C., Jan. 10 - Preliminary proxy voting results from A. Schulman Inc.'s annual meeting show that two of the company's four director nominees have been reelected, and both of Ramius Capital's nominees were elected to the company's board.

Ramius Capital's nominees, Michael Caporale Jr. and Lee Meyer, will fill seats vacated by A. Schulman chief executive officer Joseph M. Gingo and James A. Karman.

Caporale is the former president, chief executive officer and a director of Associated Materials, Inc. Meyer is the former president and CEO of Ply Gem.

The re-elected company director nominees are James A. Mitarotonda and Stanley W. Silverman.

A. Schulman had sought the re-election of Gingo, Karman, Mitarotonda and Silverman.

"I have full confidence in the turn-around plan underway at the company and intend to move forward with these strategic initiatives at full speed," Gingo said in a company news release.

"I look forward to working with all directors to transform the company's operations to increase shareholder value, while the special committee of the board continues to evaluate all strategic options for A. Schulman," Gingo added.

"The company has a portfolio of valuable assets, the value of which is not reflected in its current market value," Ramius partner Mark R. Mitchell said in a statement released on Thursday.

"We look forward to the new board and new management proactively seeking to maximize the value of the company for its stockholders," Mitchell added.

Georgeson is the proxy solicitor for the election, and final results will be verified by IVS Associates Inc.

Ramius is the beneficial holder of 7.4% of A. Schulman's outstanding shares.

Based in Akron, Ohio, A. Schulman manufactures and sells plastic resins and plastic compounds, including engineered flame-retardant compounds, thermoplastic elastomers and nylon compounds.

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