Activist shareholder Standard General LP withdrew former Tribune Media Co. executive Lawrence Wert as a nominee for a place on TEGNA Inc.'s board.
In a March 30 SEC filing, Standard General said it discovered a contractual restriction to which Wert was subject and which could have restricted his ability to serve as a director of TEGNA if elected.
Standard General, which owns about 9.7% of TEGNA's outstanding shares, has been seeking to change a minority of TEGNA's board at its April 30 annual meeting of shareholders.
The investment firm has nominated Soohyung Kim, a Standard General founding partner and the firm's CEO and chief investment officer; Colleen Brown, founder of Marca Global; Ellen McClain Haime, CFO of Year Up; and Deborah McDermott, CEO of Standard Media Group.
Standard General said if elected, these nominees will conduct a detailed review of TEGNA's business, operations and financial performance; evaluate the company's current management team, executive compensation practices and corporate governance; and inform themselves regarding the various acquisition proposals made to TEGNA.