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Group Again Seeks Board-Removal Meeting

February 10 2012

A shareholder group at Barrett Business Services Inc. (NASD: BBSI) asked for a special shareholder meeting on March 13 to replace the board, according to filings with the U.S. Securities and Exchange Commission. The group had earlier called for a special meeting on Feb. 21. That meeting was not scheduled, but the company said it would consider such a request as long as the request complies with the law.

The shareholder group includes Kimberly Sherertz, the widow of former Barrett Chairman and CEO William Sherertz. The group seeks to replace all board members except for Mike Elich, who also serves as CEO. The group would also add a new board slot.

Sherertz reported that she and the estate of William Sherertz own more than 25 percent of the outstanding shares and that company bylaws allow those with that level of ownership to call special meetings.

“An improved board of directors will benefit every one of the stockholders of Barrett Business Services,” Sherertz said. “A new board will also provide every member of the Barrett Business Services team with the tools that they need to accelerate the organic growth of our company and better serve our clients.”

Barrett ranks No. 39 on Staffing Industry Analysts’ 2011 list of largest U.S. staffing firms. The Vancouver, Wash.-based firm provides staffing and professional employer organization services.

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