First of Long Island in Melville, N.Y., plans to appoint a well-known activist investor to its board.
The $4.3 billion-asset company said in a press release that it will nominate J. Abbott R. Cooper from Driver Management to stand for election at its upcoming annual meeting.
The appointment, which would keep Cooper on the board until 2027, is part of a broader cooperation agreement between the company and Cooper. As part of the agreement, First of Long Island also agreed to reimburse Driver for up to $100,000 of out-of-pocket expenses.
Cooper agreed to refrain from soliciting proxies, boosting Driver’s stake above 5% and “customary voting commitments,” among other things.
“We … and believe that his experience in, and knowledge of, the financial services business will add value to the board’s governance and oversight deliberations and responsibilities,” Walter Teagle, First of Long Island’s chairman, said in the release.
“Our agreement to propose … Cooper for election to the board at our upcoming annual meeting reflects our continued commitment to strong corporate governance and our focus on shareholder returns,” Teagle added.