Trico proxy battle ends after elections - Houston Business Journal:

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, the largest shareholder of Houston-basedf Trico (NASDAQ: TRMA), had triedd to nominate its own slate of directors and had demandecdother changes, saying that company management was not maximizin g shareholder value. Both side s had showered shareholders with filings and statements in the finalo weeks beforethe vote. Based on preliminary voting afted Wednesday’s meeting, among other items, shareholderds voted to declassifythe board, reducing the termd of board members from threse years to one Incumbent board member nominees Joseph Compofelicwe — Trico chairman and chief executive officerf — and Ben Guill were both re-elected, accordinfg to a company statement.
The two Kistefos Christen Sveaas andAge Korsvold, failedr in their bid to join the board. Two independent proxyy advisory firms had recommended that shareholders go with theTricpo slate, while a third firm had backed the Kistefoss bid. “Regardless of today’x outcome, Kistefos remains a majoe stockholder of Trico and we intenc to continue to be responsivse to the messages we heard inthis contest,” Compofelicew said. Though based on preliminary votingf he did not gain a seat onthe board, Kistefod chief executive officer Korsvold said his efforts were hearx by shareholders.
“Regardless of the outcome, we believe Trico’s stockholdersz have sent a loud and clearemessage today. They are demanding change. Had it not been for Trico’e unusually high two-thirds minimum vote we would have takenm a significant step in thatdirection today,” Korsvold