Liberated Syndication, better known as Libsyn, has reached a settlement with one of its shareholders, Camac Fund. As a result of the agreement, new members will join the board of directors for the podcast company, including at least one new independent director.
In June, Camac called for a special meeting to revise or replace the company’s board in June. At the time, Camac raised concerns about executive compensation. It has agreed to withdraw its special meeting request and dismiss its pending litigation in Nevada as part of the settlement.
The new directors include Eric Shahinian, founder of Camac Parners, and Brad Tirpak, a managing director at Palm Active Partners. Libsyn is still seeking someone for the independent director role, although Camac will grant approval of any candidates.
“We are pleased to have reached a resolution that we believe is in the best interests of all Lisbyn shareholders,” Libsyn CEO Chris Spencer said. “We look forward to adding new directors to our Board and believe the new independent voices will complement those of our existing directors. Libsyn is performing well, as evidenced by the strong third quarter podcasting subscription growth announced this week, and we believe the Company is well positioned to continue executing on our strategy and enhancing shareholder value.”
“We are pleased to reach this agreement with Libsyn that brings fresh perspectives to its Board and positions the Company for future value creation,” said Shahinian. “Libsyn is a wonderful business, and we believe this agreement will drive enhanced value for all shareholders, employees and customers.”
The settlement follows the resignation of Libsyn CFO John Busshaus last week. He left related to an SEC complaint into both his and Spencer’s actions as executives with former Libsyn parent company FAB Universal.