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StarTek To Appoint Robert Sheft And Benjamin Rosenzweig To Board Of Directors

Stocks in this article: SRT

StarTek, Inc. (NYSE:SRT) today announced that, following the conclusion of the reconvened 2011 Annual Meeting of Stockholders on May 11, 2011, the Company will appoint Robert Sheft and Benjamin Rosenzweig to the Board of Directors. Messrs. Sheft and Rosenzweig, who will serve as directors until no earlier than the Company’s 2012 Annual Meeting of Stockholders, will replace Dr. Albert C. Yates and Ms. Kay Norton, who have advised the Board that they will not stand for reelection to the Board at the reconvened 2011 Annual Meeting. Mr. Rosenzweig will serve on the Compensation Committee and the Nominating and Corporate Governance Committee and Mr. Sheft will serve on the Audit Committee.

The appointment of Messrs. Sheft and Rosenzweig to StarTek’s Board is in connection with a settlement and standstill agreement the Company entered into on May 5, 2011 with Privet Fund LP, Privet Fund Management LLC, Ryan Levenson, Benjamin Rosenzweig, A. Emmet Stephenson, Jr. and Toni E. Stephenson (the “Privet Group”). The agreement is more fully described in the Company’s additional proxy materials to be filed tomorrow with the Securities and Exchange Commission (“SEC”) and in a Schedule 13D to be filed by the Privet Group with the SEC on or before May 9, 2011. Pursuant to the agreement, each member of the Privet Group will cause its shares to be voted at the reconvened 2011 Annual Meeting in accordance with the Board’s recommendation for each of the proposals described in the Company’s proxy statement dated March 30, 2011. In addition, as more fully described in the agreement, the members of the Privet Group, other than A. Emmet Stephenson, Jr. and Toni E. Stephenson, agree until the later of May 5, 2012 or until Messrs. Rosenzweig and Sheft are no longer serving as directors, not to engage in, among other things, any proxy solicitation with respect to the securities of the Company or any tender offer, business combination or restructuring with respect to the Company, and not to seek to place a representative on the Board, seek the removal of any member of the Board or change the size or composition of the Board. Privet Group has reported beneficial ownership of approximately 25.77% of StarTek’s outstanding shares.

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