JCP Investment Management LLC is making nominations to bring greater industry experience to CST’s Board.
Together with its affiliates, JCP Investment Management LLC, a stockholder of CST Brands Inc., has announced the intention to nominate candidates for election to CST’s Board of Directors. Nominations of highly-qualified directors will be made at CST’s upcoming 2016 annual meeting of stockholders.
JCP remains disappointed by CST’s lack of progress on its operational initiatives, both recently and since being spun out from Valero Energy Corp. nearly three years ago, but continues to believe there is tremendous value and opportunity to be realized in CST, as further explained in JCP’s letter to the Board dated Dec. 22, 2015.
JCP believes that new, independent directors with fresh perspective, industry experience and capital allocation backgrounds should be added to the Board, and has identified potential director nominees with direct and relevant experience in the convenience store industry, including individuals with a broad range of retail and restaurant company experience who have strong ties to Texas, where most of CST’s business occurs.
JCP looks forward to a constructive engagement with the Board; however, if no agreement can be reached, JCP intends to formally nominate and pursue the election of its nominees to the Board and more fully engage with CST’s shareholders regarding its plans for the CST.