(RTTNews) – loanDepot Inc. (LDI) said that it reached a settlement and cooperation agreement with Anthony Hsieh, the company’s Chairman of the Board, founder and largest shareholder. As per the agreement, the size of the company’s Board of Directors will be temporarily increased from eight to nine directors and Steven Ozonian will join the Board immediately.
Ozonian, along with current directors Andrew Dodson and Pamela Hughes Patenaude, will be nominated for election to three-year terms at the 2023 Annual Meeting.
In connection with the 2024 Annual Meeting, the company will nominate only Hsieh and Brian Golson for reelection as a Class III director and the Board will be reduced from nine to eight directors.
The agreement provides that Hsieh will vote all shares for which he has voting power to support the Board’s director nominations at the 2023 and 2024 Annual Meetings and will not make any director nominations in either year. The size of the Board will return to eight directors effective as of the 2024 Annual Meeting.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
