April 1 (Reuters) - Auto parts maker Lear Corp avoided a proxy battle with investors Marcato Capital Management LLC and Oskie Capital Management LLC by agreeing to increase and quicken the pace of its share buyback program, and add a new board member.
The company said it would accelerate its existing $1 billion repurchase program, and start on a new $750 million buyback program immediately after.
The shareholders have withdrawn their slate of board nominees and will support Lear’s nominees, the company said.
Lear has agreed to expand its board to nine from eight.
Marcato - run by Mick McGuire, one of activist investor William Ackman’s former partners - in February reported a 5.2 percent stake in Lear and said it planned to nominate candidates to the board.