GLASSBRIDGE ENTERPRISES, INC. (NYSE:GLA) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
Election of Board Member
On February 27, 2017, the Board of Directors (the “Board”) of GlassBridge Enterprises, Inc. (the “Company” or “we”) elected Robert G. Torricelli to the Board as a Class I director, with a term expiring at our annual stockholder meeting in 2018 or until his successor is duly elected and qualified or his earlier resignation, removal, incapacity or death. Mr. Torricelli’s election fills a vacancy on the Board. The Board is expected to determine that Mr. Torricelli qualifies as an independent director under the rules of the New York Stock Exchange and Mr. Torricelli is expected to be appointed to serve as a member of the Audit and Finance Committee of the Board.
Mr. Torricelli, age 66, served in the U.S. House of Representatives from the Ninth District of New Jersey from 1982 until his election to the U.S. Senate in 1996, where he served until 2003. During his tenure in the Senate, Mr. Torricelli was a member of the Senate Finance, Governmental Affairs, Foreign Relations, Judiciary and Rules Committees and also served as Chair of the Democratic Senatorial Campaign Committee. Upon retiring from the Senate, Mr. Torricelli established a national and international business strategy firm, Rosemont Associates LLC, and created a real estate development business, Woodrose Properties LLC.
There are no arrangements or understandings between Mr. Torricelli and any other person to which Mr. Torricelli was selected as a director of the Company. There are no transactions requiring disclosure under Item 404(a) of Regulation S-K in which Mr. Torricelli has an interest.
Mr. Torricelli will be compensated in accordance with the Company’s standard cash and equity compensation arrangements for non-employee directors, which are described in greater detail in the Company’s definitive proxy statement on Schedule 14A relating to our 2016 Annual Meeting of Shareholders which was filed with the U.S. Securities and Exchange Commission on May 9, 2016.
About GLASSBRIDGE ENTERPRISES, INC. (NYSE:GLA)
GlassBridge Enterprises, Inc., formerly Imation Corp., is a holding company. The Company is a data storage and data security company. It operates through Nexsan segment. The Nexsan segment operates as its own product line. Its storage systems portfolio ranges from storage products to unified hybrid storage solutions for small and medium commercial businesses, enterprise and government customers. It consists of Imation Nexsan and Connected Data products. Its Nexsan portfolio features solid-state optimized unified hybrid storage systems, secure automated archive solutions and high-density enterprise storage arrays. Nexsan systems are delivered through a network of cloud service providers, value-added resellers (VARs) and solutions integrators. It offers global customers four main solution sets: the NST hybrid storage line, the Nexsan E-Series disk arrays, the Assureon line and the Transporter line. Its subsidiaries include GlassBridge Asset Management, LLC and Nexsan Corporation. GLASSBRIDGE ENTERPRISES, INC. (NYSE:GLA) Recent Trading Information
GLASSBRIDGE ENTERPRISES, INC. (NYSE:GLA) closed its last trading session down -0.10 at 7.65 with 8,673 shares trading hands.