Essex Rental Corp. announced a number of changes aimed at maintaining strong corporate governance practices and reducing corporate expenses.
Nick Matthews, Essex's chief executive officer, stated, "The steps that the Board has taken are consistent with our commitment to maintain strong corporate governance practices and reduce costs, and will further align our Company's leadership with the interests of our investors. We anticipate realizing approximately $500,000 in annualized cost savings as a result of these changes."
The following changes have been made as a result of investor feedback and our own continuing corporate governance assessment and review:
- The Strategic Planning and Finance Committee has been disbanded;
- The agreement with Hyde Park Real Estate, LLC to lease office space in New York City will not be renewed;
- The number of directors comprising the Board has been reduced from six to five for the foreseeable future, subject to continuing evaluation of the Board's needs and composition;
- Compensation to Board members will be paid half in common stock and half in cash, rather than all cash, as has been the historical practice;
- The Board has elected Bill Fox to chair both the Nominating and Governance Committee and the Compensation Committee.
