Oct 11 (Reuters) - Restaurant operator Buffalo Wild Wings Inc named three independent directors to its board, ignoring activist hedge fund Marcato Capital Management’s offer of a nominee.
The company said on Tuesday it appointed Andre Fernandez, Hal Lawton and Harmit Singh, expanding its board to nine from eight directors.
Marcato, which holds a 5.2 percent stake in Buffalo Wild Wings, said in August that it would be "inappropriate" to add new directors without consulting its major shareholders and offered a "senior" Marcato executive to serve on the company's board. (bit.ly/2bYRMXp)
The hedge fund called on the casual restaurant operator to shake up its board, saying “substantial changes” were essential for its success.
Buffalo Wild Wings needed “the introduction of fresh talent at both the board and management levels,” Marcato founder Mick McGuire wrote in a letter, saying more expertise in restaurants and corporate finance is needed. (Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Martina D‘Couto)