FrontFour's David Lorber Exiting Fisher Communications Board
March 21, 2012 at 10:15 AM (PT)
FISHER COMMUNICATIONS, INC. has announced the resignation of FRONTFOUR CAPITAL GROUP's DAVID A. LORBER from its board and the nomination of PAUL A. BIBLE, MATTHEW GOLDFARB, and PETER E. MURPHY for new terms on the board, with FRANK P. WILLEY nominated as a new member.
FRONTFOUR gained seats on the board after the dissident investment group fought the company in 2011; GOLDFARB was one of the two FRONTFOUR candidates elected at that time, and WILLEY is being recommended by FRONTFOUR as well. BIBLE has served since 2009 and became non-Chairman in 2011, while MURPHY was added to the board in JANUARY of this year.
BIBLE said, "During DAVID's tenure on the Board, FISHER's management and Board strengthened the Company by repaying its $150 million of outstanding long-term debt and selling its non-core asset, FISHER PLAZA, for $160 million. We share DAVID's commitment to create lasting value for our shareholders and appreciate FRONTFOUR's recommendation of FRANK WILLEY to serve on our Board. We remain focused on executing our strategic plan for the benefit of all of our stakeholders."
LORBER said, "During my term, FISHER's Board has taken decisive actions to improve the Company's balance sheet and position the Company for ongoing success and shareholder value creation. As I leave the Board to focus on other companies within the FRONTFOUR portfolio, I have confidence in the current composition of FISHER's Board and believe that FRANK WILLEY would be a strong contributor to the Company's continued success."