Tennant Company adds two independent directors to board

Tennant Company (NYSE: TNC) appointed James T. Glerum Jr. and Patrick Allen as independent directors to its board, effective immediately, according to a company statement. The appointments expand the board to 11 directors, with 10 serving as independent members.

Glerum retired as Vice Chairman of Investment Banking at Citigroup in July 2024 after a 40-year career in investment banking. He previously held senior positions at UBS and Credit Suisse, executing over 325 corporate finance transactions valued at more than $500 billion. Glerum currently serves on the board of Amcor (NYSE: AMCR).

Allen served as Chief Financial Officer of Collins Aerospace from 2018 until his retirement in 2020. He previously held the CFO role at Rockwell Collins and various financial leadership positions at Rockwell International. Allen currently serves as Chairman of the board at Alliant Energy (NASDAQ: LNT).

The cleaning equipment manufacturer entered into a cooperation and standstill agreement with Vision One in connection with Allen's appointment, who was recommended as a director candidate by the investment firm. Under the agreement, Vision One agreed to customary standstill, voting and other provisions.

Tennant's board committed to including a proposal in the 2027 proxy statement to declassify the company's board structure. The company plans to hold its 2026 Annual Meeting on April 29, 2026.

Goldman Sachs served as Tennant's financial advisor, while Latham & Watkins provided legal counsel. The Minneapolis-based company reported sales of $1.29 billion in 2024.

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