trending Market Intelligence /marketintelligence/en/news-insights/trending/MmTOaSIzc1xNa35_r9XYAg2 content esgSubNav
In This List

Angie's List investor asks for resignation of 2 directors

Blog

TCFD Reporting in Singapore

Blog

Plant upgrades and extensions drive 2025 cable capex forecast

Podcast

Next in Tech | Episode 47: Transformation is transforming technology services

Podcast

Next in Tech | Episode 46: Payments evolution in digital


Angie's List investor asks for resignation of 2 directors

Vajra Fund III LLC, which owns about a 9.1% stake in , sent a letterto the company's board asking for, among other things, the resignation of two directors,including the chairman, for pledging company shares "as collateral to securea debt."

Vajra Fund asked for the resignation of John Chuang, chairmanof the board, and Steven Kapner, as both of them have pledged nearly all of theircompany holdings, amounting to about 19.7% of Angie's List's outstanding shares,for their own debt.

The investor urged Angie's List to ask the board to eliminatethis pledging policy, "which continues to put at risk the value of the company'sshares."

Vajra Fund also proposed a reduction in the size of the boardto 10 from 12, according to a July 21 SEC filing. The investor said the board istoo large for the company and also asked the company to end its "staggeredboard election policy."