Feldman Mall Properties, a co-owner of Colonie Center, has reached an agreement with an investor who has been pressing the company to make changes to its board of directors.
The investor, James W. Sight of Shawnee Mission, Kan., will be nominated to serve on the board of Feldman Mall Properties (NYSE: FMP) when the Long Island-based company holds its annual meeting May 28.
But Sight, who owns 6.8 percent of FMP's outstanding shares, has withdrawn the nomination of two other board directors, Charles L. Frischer of New York City and Mark S. Tennenbaum of Santa Monica, Calif.
Sight has agreed to vote his shares in support of all the candidates nominated by the board. That slate will include Chairman Larry Feldman and a new director, Wendy Luscombe, who was elected to serve on the board beginning May 12.
Luscombe fills a vacancy created by James C. Bourg, who didn't stand for re-election at the company's 2007 annual meeting.