Two giants of the information industry, Acxiom Corp. and infoGroup (formerly InfoUSA) both experienced changes to their board of directors late last week.
On Friday, Jeffrey W. Ubben resigned from Acxiom’s board, effective immediately. Ubben, managing partner of ValueAct Capital Master Fund LP, gained his seat after his company failed to acquire Acxiom via a hostile takeover.
Separately, on Thursday Gary Morin was named an independent director on infoGroup’s board of directors. Morin retired from his position as executive VP and CFO of printing firm Lexmark International Inc. in March 2006. Morin’s term will expire at the company’s 2009 annual meeting.
Former directors George F. Haddix and Vasant H. Raval resigned from infoGroup’s board in August, creating openings.
Acxiom board member Ubben took his seat after ValueAct’s acquisition bid for Acxiom failed in August 2006. Despite ValueAct’s unsuccessful takeover attempt, the company negotiated a seat for Ubben on Acxiom’s board. Ubben took his seat that month.
ValueAct subsequently acquired Acxiom in May 2007, in a transaction valued at $2.25 billion, with ValueAct and co-buyer Silver Lake also assuming $756 million in debt.
“Jeff Ubben has been a positive influence on Acxiom and has made significant contributions to our board of directors since joining in August 2006,” said John Meyer, Acxiom’s president and CEO, in a statement. “We have benefited from his insights, and while he will no longer be on our board, I intend to continue to seek his advice.”
