Starboard Nominates New Slate Of Directors For LSB Industries

Activist investor Starboard Value LP said Tuesday that chemicals and climate control company LSB Industries is "deeply undervalued", and urged the board to consider five candidates it is nominating as directors at the company's 2015 annual meeting. "Over the past three and five year periods, LSB's stock price has underperformed its closest peer group by approximately 50%," Starboard wrote in a letter to the board. "We believe this poor stock price performance is a direct result of poor operating performance." Starboard said management has failed to execute in either of the company's divisions and called on the board to hold them accountable. The company said it remains open to "continuing constructive dialogue regarding the company's businesses, corporate governance, board composition, and opportunities to create value for shareholders." LSB shares were down 0.1% in after-hours trade.