Newell, Starboard make peace, name new directors

Newell Brands is avoiding a prolonged proxy battle by agreeing with activist investor Starboard Value on two new independent directors.

The Sharpie maker's agreement with Starboard comes with an assist from another activist investor, billionaire Carl Icahn, who will give up two of his four seats on the board.

The new independent directors named Monday are Gerardo Lopez and Robert Steele. Newell also will nominate Bridget Ryan Berman, a pick agreed upon by Starboard and Icahn.

Icahn initiated a fight for control of the Hoboken, New Jersey, consumer products company last month after Starboard told Newell in a February letter that the company was being led badly.

Shares of Newell Brands Inc. fell slightly after the opening bell and are down about 45 percent in the past 12 months.