Argo hands board seat to Voce founder/CIO after mulling potential sale
Argo Group International Holdings has appointed the founder and chief investment Officer of its largest shareholder Voce Capital to its board of directors after recently announcing a strategic review that could include a potential sale, merger or other strategic transaction of the company.
Daniel Plants will become an independent member of the company’s board of directors, which will comprise nine directors, eight of whom are independent, and six of whom have been appointed in the last three years. Plants will also join the board’s strategic review committee and human resources committee.
Plants is a seasoned investor, financial executive and senior advisor with three decades of experience helping companies navigate change and unlock shareholder value. He currently serves as chief investment officer of Voce Capital Management, which he founded in 2011 after working at several leading financial institutions, including in executive positions in the mergers and acquisitions groups at Goldman, Sachs & Co. and JPMorgan Chase, and in the securities law practice at Sullivan & Cromwell. Plants currently serves as the executive chairman of Cutera and was until earlier this year a director at Calix, where he chaired the strategic review committee.
Thomas Bradley (pictured), Argo executive chairman and chief executive officer, said: “At Argo, our board regularly reviews its composition to ensure we are best positioned to effectively oversee the execution of our strategy while navigating a dynamic market. As a result, we are pleased to welcome Dan to the Board during this pivotal time in Argo's history. Voce Capital is Argo's largest shareholder and Dan brings a valuable investor perspective and a unique understanding of our business. We are pleased to be continuing our long-standing collaboration and look forward to working more closely with Dan in this new capacity as we continue to position Argo for success and shareholder value creation.”
Plants commented: “We have appreciated our constructive dialogue with Argo over the past few years, and I’m delighted to formalize the working relationship by joining the Board at this time. We continue to believe Argo is deeply undervalued and fully support the Strategic Review process that is currently underway. I am confident that the Board will carefully consider all viable options during this comprehensive evaluation of strategic alternatives. I look forward to working with my fellow directors to achieve an outcome that maximizes value for all Argo shareholders.”
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