Insperity Cuts Deal To Appoint Affiliates Of Activist Investor To Its Board

Insperity Inc. announced on Monday an agreement with its largest shareholder, Starboard Value, to appoint two new directors affiliated with Starboard to the human resources services company's board. The company also agreed to create a new independent advisory committee to review and make recommendations regarding its business, capital allocation policies and expenses. In turn, Starboard agreed to vote all of its shares in favor of its incumbent Class II directors, including Chairman and Chief Executive Paul Sarvadi. Separately, the Insperity said it plans to market its two aircraft for sale. Insperity's stock, which was still inactive in premarket trade, has soared 60% year to date, while the S&P 500 has gained 2.4%.