Key Summary: On March 19, 2024, Engine Capital announced its nomination of two candidates, Brad Favreau and Daniel Silvers, for election to the Board at the 2024 Annual Meeting. On April 1, 2024, the company entered into a Cooperation Agreement with Engine Capital and secured a Board seat.Market Cap: $1 billion | MRC Global is global distributor of pipe, valves, fittings (PVF) and other infrastructure products and services to diversified end-markets including the gas utilities, downstream, industrial and energy transition, and production and transmission infrastructure sectors.
On March 19, 2024, Engine Capital (4.3%) announced its nomination of two candidates, Brad Favreau and Daniel Silvers, for election to the Board at the 2024 Annual Meeting. Engine highlighted MRC's struggles as a public company, including underperformance compared to competitors, unresolved disputes with preferred stockholders, and concerns about its M&A strategy under CEO Rob Saltiel. Source
On April 1, 2024, the company entered into a Cooperation Agreement with Engine Capital and pursuant to it, the company agreed to appoint Daniel B. Silvers (Engine Capital's candidate) as a member of the board effective as of April 1, 2024.
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