The Urgent Need for Change and The Superior Path Forward
L
PRIVET CASE STUDY: BOARD REPRESENTATION AT
STARTEK, INC. (SRT)
StarTek is a customer engagement, business process outsourcing services
provider, delivering customer care solutions to clients from its locations in the
United States, Canada, Philippines, Honduras and Jamaica
Background
Course of Events
Following the retirement of the
company's founder in 2006, the
business languished with
multiple CEOs and no clear
strategic direction
▪ In March 2011, Privet formed a
group with the company's
founder and nominated three
directors to the Startek board,
ultimately reaching a settlement
for two director designees
▪ The new board replaced most of
the senior leadership team,
including the incumbent CEO
▪ The company began improving
its operating performance and
reputation, ultimately entering
into a strategic vendor
relationship with Amazon, with
Amazon receiving an ownership
stake in the company
▪ In March 2018, Startek merged
with Aegis in a value-maximizing
transaction following a
comprehensive review of
strategic alternatives
PRIVET
FUND
UPG
STRONGER TOGETHER
Price/Share
$16.00
$14.00
$12.00
$10.00
$8.00
$6.00
$4.00
$2.00
$0.00
Sep 2010
In March 2011, Privet
nominated three director
candidates to the company's
board of directors
Jun 2011
Mar 2012
Following the appointment of the Privet
nominees, the Board replaced the
incumbent CEO, CFO, SVP of sales, head of
HR and SVP of operations
werten.
In March 2018, Startek
announced
a merger with
Aegis following
comprehensive review of
strategic alternatives
a
Dec 2012
Sep 2013
Jun 2014
Mar 2015
Nominee Biographies
and Appendix
Dec 2015
Sep 2016
Jun 2017
Mar 2018
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