Hedge fund FrontFour Capital Group LLC is urging MDC Partners Inc. to replace three of its eight board of directors.
FrontFour Capital and related entities, which own a 5.4% stake in the company, sent a letter to MDC Partners on Dec. 31, calling for a shareholder meeting to remove incumbent directors Scott Kauffman, Clare Copeland and Irwin Simon, and replace them with Kristen O’Hara, David Moran and Stephen Loukas, according to a Jan. 2 amended SEC filing.
The letter comes just over a month after FrontFour disclosed its ownership in MDC Partners and called for significant changes to the composition of the company's board in order to ensure the best interests of shareholders.
O’Hara was most recently vice president of business solutions at Snap Inc., while Moran is a founding partner of consumer brand strategy firm Deep Relevance Partners. Loukas is the principal owner and a director of FrontFour Corp.
FrontFour wants the company to hold the meeting no later than March 29.
MDC Partners' board recently set up an executive committee to oversee the duties of CEO until the company finds a replacement for Scott Kauffman. MDC Partners is also exploring and evaluating strategic alternatives, including a potential sale of the company.