Highfields Capital Management LP, the largest independent shareholder of CoreLogic, Inc. (NYSE: CLGX) (“the Company”), today commented on steps taken by CoreLogic that it believes will meaningfully improve the Company’s corporate governance and enhance CoreLogic’s ability to capitalize on its unique assets. The changes, described in an Agreement with Highfields Capital and filed with the Securities & Exchange Commission, include the addition of three new independent directors, changes in the Company’s Nominating and Governance Committee, and a transition of the Company’s Board leadership.
Jonathon S. Jacobson, Highfields’ Founder, CEO and Chief Investment Officer, said, “We applaud the CoreLogic Board for conducting a comprehensive search and accepting shareholder input to find candidates with relevant business experience. Furthermore, we are pleased that the Board has taken steps to ensure that a truly independent majority will be able to hold management accountable for performance and work with management to drive transformative change for the benefit of all shareholders.”
As further described in the Company’s Form 8-K, changes to the Board will include:
- The addition of Douglas C. Curling, John C. Dorman and Jaynie Miller Studenmund to the Board of Directors, upon their election at the Company’s 2012 Annual Meeting. All three individuals are highly qualified business professionals with deep collective experience in financial services and information technology and analytics driven businesses.
- The announcement by Company Chairman D. Van Skilling that after 16 years of service to the Company he will step down as Chairman by the end of 2013 and retire from the Board at the Company’s 2014 Annual Meeting.
- The naming of Thomas O’Brien, who has been a director of the Company since 2008, to be Chairman of the Nominating and Corporate Governance Committee.
- The addition of one of the three new directors to the Nominating and Corporate Governance Committee.
Mr. Jacobson continued: “These changes meet our objective of a CoreLogic Board with substantially greater independence, professional skill and experience to oversee management and best capitalize on the strength of the Company’s world-class assets. In addition to bringing their operational expertise to the Board, each of the new directors has a demonstrated track record of maximizing the value of the businesses to which they have been associated, through both organic growth and strategic transactions. The fact that they are eager to serve at CoreLogic is a ringing endorsement of the Company’s potential.”
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