NEW YORK--(BUSINESS WIRE)--Save GrafTech, an investor group led by Nathan Milikowsky, today announced that Karen Finerman, David Jardini and Nathan Milikowsky will stand for election to the Board of Directors of GrafTech International Ltd. (“GrafTech” or the “Company”) at its 2014 Annual Meeting, to be held on May 15, 2014.
Save GrafTech had previously nominated five candidates for election to GrafTech’s nine-member Board. Following the Company’s reduction yesterday in the number of Board seats from nine to seven, Save GrafTech is now seeking minority representation for three candidates on a seven-member Board.
In addition to Karen Finerman, David Jardini and Nathan Milikowsky, Save GrafTech intends to vote in support of all candidates nominated by the Company to serve as directors, other than Mary B. Cranston (14 years on Board), Ferrell P. McClean (12 years on Board) and Steven R. Shawley (4 years on Board).
“While we are pleased that two of the Company’s longest-serving incumbent directors will not stand for reelection to the Board, we continue to believe that the GrafTech Board needs substantial reconstitution and that electing all three of our experienced, independent nominees is the only way to effect meaningful change at GrafTech,” commented Nathan Milikowsky. “If our nominees are not elected, we fear GrafTech’s pattern of strategic and operational missteps will continue to erode shareholder value.”
Commenting on GrafTech’s latest ploy, Mr. Milikowsky stated, “GrafTech’s cynical ‘offer to add representation’ from the Save GrafTech slate if all seven of its nominees are elected should be seen for what it is – a hollow promise made by an entrenched Board that is determined to do whatever it takes to preserve its own positions and prevent the Company’s largest non-institutional shareholder from serving on its Board. Moreover, GrafTech’s rejection of our request for a universal proxy card will only make it procedurally difficult for the Company’s stockholders to elect the board of directors they desire.”
Mr. Milikowsky added, “I want to publicly thank Frank Riddick and Carroll Wetzel for recognizing that fundamental change is required at GrafTech and agreeing to run on our slate. They have made invaluable contributions to our campaign and I am deeply grateful for their support.”