Investor to nominate Peter Michel, three others, to Brink's board
NEW YORK--Saying The Brink's Company board of directors lacks Wall Street know-how and security-industry smarts, large shareholder MMI Investments said in a Nov. 30 SEC filing it will nominate Peter Michel, former head of Brink's Home Security, as part of a four-person slate for board membership at The Brink's Company's annual springtime meeting.
"I'm enthusiastic about the prospect of serving on the board," Michel told Security Systems News on Nov. 30. Michel is currently chief executive officer of iSECUREtrac. He served as chief executive officer of Brink's Home Security for 13 years, from 1988 until 2001. During that time, the company grew from $26 million in revenues to $258 million.
MMI's Clay Lifflander in a statement said that MMI is "not seeking control of the board" but rather is trying to "fill major gaps in the experience and skillset of the current directors, particularly as the board has limited direct Wall Street experience and no expertise in the security industry, other than Chairman, CEO & President Michael Dan."
Lifflander contiued, "MMI recognizes that election of our slate means the removal of Michael Dan from the board." However, if MMI is successful in getting its slate appointed to the board, it would "support expansion of the board by one seat and Michael Dan's reappointment."
Michel said that he agreed with Lifflander's assessment of the weaknesses on the current board of directors.
Other nominees are: John S. Dyson, Carroll R. Wetzel, Jr. and Robert J. Strang. Dyson is chairman of MCM Capital Management (the general partner of MMI Investments) and Millbrook Capital. He's also served as New York state commerce commissioner and as deputy mayor for Finance and Economic Development under Mayor Rudolph Giuliani. Strang is CEO of Investigative Management Group. He's also worked for the FBI and for New York City government in several roles, most recently on Mayor Guiliani's transition team. Wetzel is currently on the board of Exide Technologies. From 1988 to 1996, he was managing director with the M&A group of Chemical Bank/Chase Manhattan.
MMI owns 8.4 percent of Brink's stock.