Two appointed to TravelCenters' board after failing to garner majority voting support

By Lisa Kerner

Charlotte, N.C., June 19 - TravelCenters of America LLC said Arthur K. Koumantzelis and Barry M. Portnoy failed to receive affirmative votes from majorities of the shares eligible to vote at the company's annual meeting and therefore resigned as directors.

However, the board then appointed Koumantzelis and Portnoy to fill the vacancies created by their resignations, it was reported in a form 8-K filing with the Securities and Exchange Commission.

Koumantzelis was appointed as the group I independent director and was named to the audit committee, the compensation committee and the nominating and governance committee.

Portnoy was appointed as the group I managing director.

According to the filing, Koumantzelis received 56% of the votes cast at the meeting, or 41% of all shares outstanding, for re-election as an independent director; and Portnoy received 56% of the votes cast at the meeting, or 41% of all shares outstanding, for re-election as a managing director.

TravelCenters also reported the resignation of executive vice president John R. Hoadley at the annual meeting.

It was previously reported that TravelCenters shareholder Locksmith Capital Management LLC would withhold its vote for the election of Portnoy and Koumantzelis.

Locksmith had accused Portnoy, Koumantzelis and three additional TravelCenters board members of spending money to "disenfranchise" shareholders.

TravelCenters is a Westlake, Ohio, network of full-service travel centers.

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