The company said it plans to review and consider Sachem Head’s proposed nominees.A spokesman for Sachem Head declined to comment. The company said it plans to review and consider Sachem Head’s proposed nominees.Sachem Head, founded in 2013, invests $3.2 billion on behalf of clients, according to a recent regulatory filing, and is one of a handful of activist investors that have successfully pushed companies to break apart or sell themselves.There was an error, please provide a valid email address.
The agreement with Sachem Head also includes creation of an operational improvement committee that will consist of the two Sachem Head–backed board members and two current independent directors that will analyze and make recommendations to the board regarding operational improvements and support and inform the board's review of Olin's strategy.The Sachem Head–backed members added to Olin’s board are Scott Ferguson, founder and managing partner of Sachem Head Capital Management, and W. Barnes Hauptfuhrer, who most recently served as CEO of Chapter IV Investors. Sachem Head Capital Management LP provides investment advisory and wealth management services.
The filing also said it would try to seat four directors on the Clayton, Missouri-headquartered company’s 12-director board.Olin said in a statement that it values shareholders’ input and that it has been holding discussions with Sachem Head.
The independent Olin board members who will sit on the operational improvement committee are Scott Sutton, former COO of Celanese, and John O'Connor, CEO of JH Whitney Investment Management. Olin has reached agreement with activist Sachem Head Capital Management (New York) to add two Sachem Head–backed directors to its board, effective immediately. Sutton will act as chair of the committee. On March 2, 2020, Olin Corporation (“Olin”) announced that it has entered into a cooperation agreement with Sachem Head Capital Management LP (“Sachem Head”), which owns approximately 9.5% of the outstanding shares of Olin’s common stock.
Sachem Head Capital Management LP discloses 9.50% activist ownership in OLN / Olin Corp. March 02, 2020 - Sachem Head Capital Management LP has filed an SC 13D/A form with the Securities and Exchange Commission (SEC) disclosing ownership of 14,950,000 shares of Olin Corp. (NYSE:OLN). Sachem Head Capital Management is a value-oriented investment management firm based in New York City, managed by Scott Ferguson. Olin Corporation has entered into a cooperation agreement with Sachem Head Capital Management LP, which owns approximately 9.5% of the outstanding shares of Olin’s common stock. Pursuant to the agreement, Sachem Head has agreed to customary voting, standstill and other provisions.The Cravath team is led by partners Robert I. Townsend III, George F. Schoen, Andrew C. Elken and Keith Hallam and includes associates Holden K. Sumner, Arash Ardalan and Jieun Lim. Sachem Head owns approximately 9.5% of Olin’s outstanding shares.Olin also agreed to propose, at its 2020 annual meeting, an amendment to its bylaws that would destagger the board starting with the 2021 annual meeting. With the appointments, the Olin board will be comprised of 14 directors, 13 of whom are independent and 6 of whom will stand for reelection at the company’s upcoming 2020 annual meeting. Sachem Head disclosed a significant stake in Olin on 25 February and said at the time it intended to nominate four directors to Olin’s board. Over the last year, Olin’s share price has dropped 27.9% compared with a 15.4% gain for the Standard & Poor’s 500 index.
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