Unisys Corporation (NYSE: UIS) announced today that it is expanding its Board of Directors from eleven to thirteen members to include Clay B. Lifflander, President of MMI Investments, L.P., and Charles B. McQuade, Retired Chairman and Chief Executive Officer of Securities Industry Automation Corp.
MMI Investments, L.P., which owns approximately 9.1 percent of the company's shares, is one of the company's largest shareholders.
"The Board is committed to enhancing value for our shareholders, and is pleased to welcome Clay and Charles as directors," said Ric Duques, Unisys Chairman. "The Board and management will benefit from their experience and guidance as we continue to drive to enhance shareholder value."
Clay Lifflander said "We are firm believers that there is significant, unrealized value in Unisys. We are excited to work with the other members of the Board and look forward to combining our efforts to improve Unisys performance."
As previously announced, the company is working with its investment bankers to help the Board explore certain portfolio rationalization and other actions to enhance shareholder value. Unisys has recently retained Goldman Sachs to assist in this exploration. There can be no assurance that any such transaction will be pursued or consummated.
Clay Lifflander has been the President of Millbrook Capital Management, Inc. and MMI Investments, L.P. since their inceptions in 1995 and 1996, respectively. Previously he served as president of the New York City Economic Development Corporation under then Mayor Rudolph Giuliani and as managing director in the M&A Group at Smith Barney. He served as chief executive officer of Key Components LLC from 1995 to 2003 and currently serves on the Board of the Hudson River Museum. He is a former director of Dendrite International, Inc., Key Components and the United Nations Development Corporation.
Charles B. McQuade retired in 2002 from the position of Chairman and Chief Executive Officer of Securities Industry Automation Corp. (SIAC) (now wholly owned by NYSE Euronext) after more than 20 years of service as CEO. He was a member of the Board of Directors of Greenpoint Financial from 1992 until its acquisition by North Fork Bank in 2002, and a member of the Board of Directors of Gartner, Inc from 1999 through 2000. He has served on numerous industry and educational advisory boards.
Unisys also announced that it has entered into an agreement with MMI Investments which provides for certain arrangements between Unisys and MMI, including the appointment of the two new directors and MMI's agreement to work cooperatively with the company.