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Volt shareholder group demands four new board members

December 11, 2014

A Volt Information Sciences Inc. (NYSE MKT: VISI) shareholder group Tuesday nominated four new candidates for the staffing provider’s board of directors to be voted on at the company's next annual meeting. Candidates include the former president and CEO of Impellam Group North America. The shareholder group claims Volt needs a fresh perspective on its board because of continued underperformance and poor shareholder returns.

Glacier Peak US Value Fund heads the shareholder group, which claims to own approximately 22.3 percent of Volt’s outstanding common stock.

Glacier’s nominees include:

  • Anthony Bergamo, vice chairman at MB Real Estate, a property development and management company based in New York and Chicago.
  • James Boone, an independent management consultant who served as an advisor to Volt’s CEO and the president and CEO of ProcureStaff Technologies (sold by Volt earlier this year) from June 2011 to December 2012. Boone also served as president and CEO of Impellam Group North America from January 2009 to June 2011. Impellam ranks as the 47th-largest staffing firm in the US.
  • Charles Gillman, executive managing director of the IDWR Multi-Family Office, a multi-family investment firm. IDWR has a team of analysts that find public companies in need of operational enhancement and improvement in corporate capital allocation, according to the shareholder group.
  • John Rudolf, president and senior portfolio manager of Glacier Peak Capital LLC.

The investor group says it will file a preliminary proxy statement with the US Securities and Exchange Commission.

Volt ranks ranks No. 12 on Staffing Industry Analysts' list of largest US staffing and talent engagement firms.