Long-serving directors Thomas Corcoran Jr. and Robert Lutz Jr. will not stand for re-election at FelCor Lodging Trust Inc.'s 2017 annual meeting, as part of an agreement between the company and activist shareholder Snow Park Capital Partners.
Under the agreement, Snow Park also holds the right to consult with the board on future director vacancies ahead of the company's 2018 annual meeting of stockholders.
Corcoran founded FelCor’s predecessor in 1991 and took FelCor public in 1994. He served as CEO until 2006, when he became chairman of its board of directors. Lutz, a member of the board since 1998, was lead director from 2010 to 2016 and also served as chairman of the governance committee.
FelCor is said to be in early talks with potential acquirers for a company sale, The Wall Street Journal reported, citing unnamed sources. Snow Park urged FelCor's board in October 2016 to explore a sale and allow shareholders to vote on a liquidation. However, the company's executives refused to discuss the demand during the company's earnings call in November 2016.