Barington Capital Got Its Win At Eastern Co.
Barington Capital won its proxy battle at Eastern Co. ($EML) last Friday, getting two dissident directors on the 5-person board. This could go to 6-people, however, where Eastern said in March that it would expand the board, adding James Ozanne.
The move was an effort to protect its stronghold on the board against Barington. However, with Barington now having a strong presence on the board, it could vote to cancel James' appointment to the board.