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MFN Partners Management urges new board appointments at Yellow Corporation (YELLQ)

Key Summary: On August 23, 2023, MFN Partners Management (42.3%) requested the company fill two board vacancies with directors experienced in value-maximizing transactions, suggesting one qualified individual and planning to propose a second. They also recommended implementing a key employee incentive and retention program.

Market Cap: $130 million| Yellow Corporation, through its subsidiaries, provides various transportation services primarily in North America.

On August 23, 2023, MFN Partners Management (42.3%) sent a letter to the company requesting that the company fill the two vacancies on its board by appointing two new directors who possess deep and relevant experience in structuring, implementing, and/or overseeing value-maximizing transactions in special situations to the Board. MFN Management has suggested one such qualified individual to fill one vacancy and intends to suggest a second individual in the near future to fill the other vacancy. MFN Management also requested that the company consider and implement a key employee incentive and retention program. Source

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