Four LSB directors step down after pressure from hedge fund investor

Move reduces board of the Oklahoma City company from 14 to 10 members.
by Brianna Bailey Published: January 18, 2014

Four directors of LSB Industries Inc. stepped down from the Oklahoma City company's board on Friday — weeks after an activist shareholder called for reforms at the firm.

The resigning board members are four of six LSB directors not deemed independent under New York Stock Exchange rules. Those departing included Steven Golsen, chief operating officer of the company's climate control business; LSB Chief Financial Officer Tony M. Shelby; David R. Gross, executive vice president of operations; and Dr. Robert C. Brown, who had been a member of the company since 1969.

Golsen, Shelby and Goss will continue to serve as officers of LSB.

“The decision of each resigning director to resign did not involve any disagreement with the board of directors, the company or its management on any matter relating to the company's operations, policies or practices,” LSB said in a statement.

Board to now have 10

by Brianna Bailey
Business Writer
Brianna Bailey has lived in Idaho, Germany and Southern California, but Oklahoma is her adopted home. She has a bachelor's degree in Journalism from the Univerisity of Oklahoma and has worked at several newspapers in Oklahoma and Southern...
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