Cannae Holdings defends board nominees ahead of Dec. 12 annual meeting

Cannae Holdings Inc. (NYSE: CNNE) urged shareholders to vote for its four director nominees at the company's December 12 annual meeting, while criticizing rival slate from activist investor Carronade Capital.

The company nominated Erika Meinhardt, Barry B. Moullet, James B. Stallings Jr., and Frank P. Willey for board positions. Cannae stated that Carronade's nominees lack public company leadership experience and possess skills primarily in distressed debt and restructuring that are not relevant to Cannae's investment strategy.

According to Cannae, Carronade seeks to establish a Strategic Review Committee with majority control by its nominees, which would create what the company described as a "board within a board structure."

Cannae highlighted the backgrounds of its nominees: Moullet brings foodservice industry experience from roles at Focus Brands and Darden Restaurants; Stallings has technology leadership background from IBM Corporation (NYSE: IBM) and serves as managing partner at PS27 Ventures; Meinhardt has operational experience from Fidelity National Financial (NYSE: FNF); and Willey has governance experience including board service at Penny Mac Investment Trust (NYSE: PMT).

The company characterized Carronade's nominees as having narrow specializations in bankruptcy and restructuring work, with limited public company board experience. Cannae specifically noted that one Carronade nominee was CEO of Proctor Investment Management, which closed after failing to generate significant revenue, and another served on Republic First Bancorp's board when it filed for bankruptcy.

Cannae's board unanimously recommended shareholders vote on the white proxy card for the company's nominees. The information comes from a press release statement issued by Cannae Holdings.

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