The Radoff-Torok Group, which collectively owns over 4.9% of TETRA Technologies, Inc.'s outstanding stock, announced the nomination of four independent director candidates for election to the company's Board of Directors. The nominees are Simon Bates, Evan Behrens, Bradley L. Radoff, and Andrew K. Ruben.
The investor group issued an open letter to the Board, citing concerns over what they described as 'decades-long underperformance, lack of strategy, poor corporate governance, failed succession planning and Board entrenchment.' They believe the current Board is more focused on preserving the seats of long-tenured directors than addressing the company's challenges.
The Radoff-Torok Group proposed the immediate formation of a Strategy Committee of independent directors to review TETRA's business portfolio, capital structure, and corporate overhead. They suggested evaluating options such as divesting underperforming parts of the Water business and exploring funding alternatives for the Arkansas processing facility to unlock value and strengthen the company.
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