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Barrett Group Proposes New Board

January 03 2012

A group of Barrett Business Services Inc. (NASD: BBSI) shareholders announced a proposed slate of six new directors to both replace five existing directors and expand the size of the board, according to a filing with the U.S. Securities and Exchange Commission. The group said it proposes to keep director and CEO Michael Elich.

The group has asked the company to call a special meeting of stockholders on Feb. 21.

In a preliminary proxy statement, the group says it is concerned over what it sees as lack of appropriate corporate governance. In addition, the group said it is concerned because the current board maintains “minimal” ownership of stock and lacks expertise in the area of workers’ comp insurance and other concerns.

The shareholder group includes Kimberly Jacobson Sherertz, the widow of former Barrett CEO William Sherertz, who died Jan. 10, 2011.

The group’s nominees for the board include:

  • Keith Barnes, former CEO of Verigy Ltd., a semiconductor equipment company
  • Michael Boguski, president and CEO of Eastern Insurance Holdings
  • Lawrence Firestone, CFO of Xiotech Corp., a maker of enterprise storage equipment
  • Charles Gillman, portfolio manager of Gussman family interests
  • Daniel Molhoek, partner in the law firm of Varnum LLC
  • W. Scott Rombach, CEO of Rombach Capital
  • Mark Stolper, executive vice president and CFO of RadNet Inc., a healthcare company

Barrett provides staffing and professional employer organization services. It is based in Vancouver, Wash.

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