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White Electronic Designs to add Wynnefield nominees to expanded board
By Lisa Kerner
Charlotte, N.C., Feb. 4 - White Electronic Designs Corp. will expand its board to seven directors from five under an agreement with a shareholder group led by Wynnefield Capital, Inc.
The shareholder group's two designees, Brian Kahn and Melvin P. Keating, will be appointed to the new vacancies, White Electronic said.
Kahn, founder and investment manager of Caiman Partners LP, will be named to the board's strategic alternatives committee and is expected to join the corporate governance and nominating committee.
Keating is the former president and chief executive officer of Alliance Semiconductor Corp.
According to White Electronic, either Kahn or Keating will join each of the board's other standing committees.
The appointments are expected to become effective Friday following the satisfactory completion of background checks and the board's annual independence determinations, White Electronic said.
Wynnefield agreed to drop its proxy contest and vote all of its shares in favor of all of the board's nominees at the company's 2009 annual meeting.
As previously reported, Wynnefield planned to put forth a slate of five director nominees, including Kahn and Keating, at the annual meeting.
The agreement also allows each member of the shareholder group, which includes Caiman Partners, to acquire up to 9.9% of White Electronic's outstanding shares. The group currently owns 9.8% of the company's shares.
Phoenix-based White Electronic manufactures microelectronic and display components and systems.
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