Westport Innovations started restructuring its board and governance as it prepares for the merger with Fuel Systems Solutions revealed earlier in September.
In connection with this process, Warren Baker, an existing director, has been appointed as chairman of the board, while Jill Bodkin, a board member since 2008 and chairman of the board since 2014, has resigned as chairman and remains as a director, Westport said in a statement on Monday.
Additionally, Doug King, a board member since 2012 and chair of the audit committee, has resigned from the board.
In September, Westport Innovations and Fuel Systems Solutions entered into a merger agreement under which Westport will acquire all of the outstanding shares of Fuel Systems Solutions’ common stock in a stock-for-stock transaction.
In October, the two companies satisfied the requirements of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, acquiring all antitrust clearances required to close the transaction.
Under its restructuring scheme, Westport intends to make room for three proposed new board members to be added as part of the merger with Fuel Systems Solutions, including two independent directors, currently members of the board of Fuel Systems Solutions, to effectively oversee the integration and value enhancement programs expected to be part of the merger.
Committee changes to Westport’s board include Brenda Eprile being appointed to the chair of the audit committee, Dezsö Horváth being appointed to the chair of the human resources and compensation committee, and Warren Baker being appointed to the chair of the nominating and corporate governance committee.
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LNG World News Staff; Image: Westport