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Premier Exhibitions appoints interim CEO, adds four new directors to board
By Jennifer Chiou
New York, Jan. 30 - Premier Exhibitions, Inc. announced that its board has recognized the election of four new directors in connection with the consent solicitation of its largest shareholder, Sellers Capital LLC.
The new directors are Christopher J. Davino, William M. Adams, Jack Jacobs and Bruce Steinberg.
The company also terminated its chief executive officer, Arnie Geller, while appointing Davino as interim CEO. Davino is a principal and head of the corporate rescue group of XRoads Solutions Group, LLC, a corporate restructuring management consulting company.
Premier's board said it has also elected Mark A. Sellers as its non-executive chairman of the board. He will not receive any compensation from Premier in connection with this position.
Geller will continue on the board but will no longer be chairman.
Sellers said it received enough shareholder consents to elect its four nominees to the company's board of directors on Jan. 20.
Sellers Capital already said it has received - and delivered to Premier Exhibitions - consents representing 52% of the company's outstanding shares.
Sellers Capital previously called on Premier Exhibitions' special committee and Geller to honor the consent solicitation results.
Previously, Premier Exhibitions had urged its shareholders not to submit a consent solicited by Sellers Capital in connection with its attempt to have the four elected to the board.
Premier Exhibitions said Sellers Capital proposes that its four nominees and two designees as well as the company's other independent directors each be paid an annual retainer equal to $100,000 plus meeting fees and out-of-pocket expenses, according to a prior news release.
Sellers Capital and its affiliates beneficially own 4,778,399 shares, or about 16.3%, of Premier Exhibitions.
The Atlanta-based company develops tour exhibits and operates as the salvor-in-possession of the Titanic shipwreck.
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