Funds News

Stewart Information to add four directors in deal with Starboard

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)