Argo Group International Holdings Ltd. announced that Gary Woods will retire as the chairman of the company's board and that four other directors targeted by an activist investor will also retire.
F. Sedgwick Browne, chair of the risk and capital committee; Mural Josephson, chair of the audit committee; John Power Jr., chair of the human resources committee; and Hector De Leon, a member of the audit and human resources committees, will retire as well. The moves are connected to the board's ongoing "refreshment process," Argo said, although the five are also those whom investor Voce Capital Management LLC had been seeking to replace.
Additionally, the company said its 2020 annual general meeting will be held as early as March instead of the usual May time frame. The board will propose the declassification of the board and the reduction in the board size to 11 from 13, as previously announced.
The company also said it filed a definitive consent revocation statement with the SEC, arguing that the special meeting sought by Voce Capital to consider the five directors' removal would now be unnecessary. Argo's board again urged shareholders to sign the company's consent revocation card and disregard consent cards received from the activist shareholder.