NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Engaged Capital, LLC (together with its affiliates, “Engaged Capital”), an investment firm specializing in enhancing the value of small and mid-cap North American equities and a 4.9% shareholder of Benchmark Electronics, Inc. (“BHE” or the “Company”) (NYSE: BHE), announced today that preliminary results show that two of Engaged Capital’s highly-qualified nominees, Jeffrey S. McCreary and Robert K. Gifford were elected to BHE’s board of directors (the “Board”) at the annual meeting of shareholders.
“We thank Benchmark shareholders for their support and look forward to working constructively with our fellow Board members. Jeff and Robert will bring a culture of accountability, an ownership mindset, and a much needed fresh perspective to the boardroom,” said Glenn W. Welling, Principal and CIO.
“Engaged Capital sees a significant and unique opportunity to create shareholder value at BHE through a more disciplined approach to capital allocation, a heightened focus on working capital efficiency, aligning management compensation with shareholders and improving BHE’s investor communications. While it is unfortunate that we had to pursue a proxy contest to provide a voice for shareholders, we believe that shareholders delivered a clear and unequivocal message to the Board of BHE,” continued Mr. Welling.
About Engaged Capital:
Engaged Capital, LLC (“Engaged Capital”) was established in 2012 by a group of professionals with significant experience in activist investing in North America and was seeded by Grosvenor Capital Management, L.P., one of the oldest and largest global alternative investment managers. Engaged Capital is a limited liability company owned by its principals and formed to create long-term shareholder value by bringing an owner’s perspective to the managements and boards of undervalued public companies. Engaged Capital manages both a long-only and long/short North American equity fund. Engaged Capital’s efforts and resources are dedicated to a single investment style, “Constructive Activism” with a focus on delivering superior, long-term, risk-adjusted returns for investors. Engaged Capital is based in Newport Beach, California.