(Adds details, background)
March 20 Blackhawk Network Holdings Inc
, a seller of gift and other payment cards, said on
Monday it would add two independent directors to its board in an
agreement with activist investor Jana Partners LLC.
As part of the pact, Blackhawk will form a cost savings
committee comprising four members that will include the two new
directors, Robert Henske and Jeffrey Fox.
Pleasanton, California-based Blackhawk, which partners with
retailers such as Staples Inc and Amazon.com Inc
to sell gift cards, was spun off from U.S. grocery
chain Safeway Inc three years ago.
Jana, which disclosed a 6.2 percent stake in Safeway in
2013, had pushed the company to consider strategic alternatives
and shed unprofitable units. (reut.rs/2nroqGg)
Safeway sold itself to private equity firm Cerberus Capital
in a $9.4 billion deal and merged with U.S. grocer Albertsons
Jana currently owns a 4.7 percent stake in Blackhawk.
Blackhawk also said on Monday that Chief Financial Officer
Jerry Ulrich would step down.
The gift card provider said it would restructure equity
compensation for some of its top executives, starting 2018.
(Reporting by Rishika Sadam in Bengaluru; Editing by Anil
D'Silva and Sai Sachin Ravikumar)