CHESTERFIELD, Mo. — Angelica Corp. will avoid litigation and election contests under new settlement agreements reached with Pirate Capital and Steel Partners, Angelica says.
The hedge funds, two of Angelica's largest shareholders, mounted efforts earlier this year to get their nominees elected to Angelica's board.
In other news, it was announced that Steve O'Hara, Angelica's chairman and chief executive officer, would add the responsibilities of president effective Sept. 30, following David Van Vliet's resignation to pursue another opportunity.
"Dave has played an integral role in refocusing Angelica's structure and culture around the customer with innovative programs designed to delight the customer," O'Hara says.
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