Institutional Shareholder Services is backing activist investor PrimeStone Capital’s call for a board shakeup at Brenntag SE, saying the German chemical company’s strategy doesn’t appear to be working.
The influential proxy adviser said in a report that Brenntag shareholders should vote against the company’s proposed election of Richard Ridinger as chairman and Suja Chandrasekaran as a supervisory board member at next month’s annual general meeting.
Instead, it recommended they support PrimeStone’s candidates Geoff Wild, a former chief executive officer of German specialty chemicals and equipment firm Atotech, and Joanna Dziubak, a Goldman Sachs Group Inc. alumnus who ...
