Oct 18 (Reuters) - Title insurer Stewart Information Services Corp said on Tuesday it would add four new directors to its board, reaching a deal with activist investor Starboard Value LP.
Starboard Value is the company’s biggest shareholder with a 9.9 percent stake.
Stewart Information’s chief executive, Matthew Morris, and a new independent director, Clifford Press, will be appointed to the board, effective immediately, the company said.
Morris and Press will replace Malcolm Morris and Stewart Morris, who served as co-CEOs from 2000 to November 2011.
Stewart Information also said its board will additionally appoint two other new independent directors who will replace current board members Laurie Moore-Moore and Frank Keating.
Reuters reported in September that Stewart Information was close to reaching a deal with Starboard.
Title insurers guarantee property owners have title to their property and can legally transfer it in a sale. (Reporting by Ankit Ajmera in Bengaluru; Editing by Sriraj Kalluvila)
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