(Reuters) - Sharpie pens maker Newell Brands Inc (NWL.N) will appoint four directors to its board picked by billionaire investor Carl Icahn, the company said on Monday.
The news comes just days after Icahn disclosed a 6.86 percent stake in Newell and said he could seek a board seat at the consumer products company.
Newell has been facing pressure from another activist shareholder, Starboard Value LP, which wants to replace Newell’s CEO and its entire board, arguing that Newell has underperformed since buying Jarden Corp in 2016.
Starboard did not immediately respond to a request for comment.
Newell and Icahn are aligned on company strategy, Newell said in a statement.
Icahn has agreed to vote all of his shares in favor of Newell’s nominees at the company’s annual shareholder meeting.
Icahn’s designated directors are Patrick Campbell, Brett Icahn, Andrew Langham and Courtney Mather. Campbell was appointed Newell’s non-executive chairman.
Newell’s shares rose 4 percent to $29.73 in premarket trading on Monday.
Reporting by Aishwarya Venugopal in Bengaluru; Editing by Savio D'Souza and Sai Sachin Ravikumar