Tennant Company (NYSE: TNC) (“Tennant” or the “Company”), a world leader in cleaning equipment and solutions, today announced that James T. Glerum, Jr. (“Jim”) and Patrick Allen have been appointed to the Company’s Board of Directors as independent directors, effective immediately. With these appointments, the Board will expand in size to 11 directors, 10 of whom are independent. In connection with the appointment of Mr. Allen, Tennant has entered into a cooperation and standstill agreement with Vision One.
“We are pleased to welcome Jim and Patrick to the Board and look forward to benefitting from their respective experiences, capabilities and insights as we advance our enterprise growth strategy,” said Donal L. Mulligan, Chair of Tennant’s Board of Directors. “We also thank Vision One for their constructive engagement and shared commitment to creating long-term value for shareholders. With a 40-year career in investment banking, Jim brings to the Board deep financial expertise in capital allocation, capital markets, mergers and acquisitions, and strategic planning. Patrick, who was recommended as a director candidate by Vision One, has an excellent track record of driving performance and disciplined execution at several leading public companies, including as a respected Chief Financial Officer.”
In connection with the cooperation agreement, Vision One has agreed to customary standstill, voting and other provisions. Additionally, consistent with its ongoing focus on maintaining strong governance practices, Tennant’s Board of Directors has committed to including a proposal in the 2027 proxy statement to declassify the Company’s Board. The full agreement between Tennant and Vision One will be filed as an exhibit to a Current Report on Form 8-K with the U.S. Securities and Exchange Commission.
Tennant’s Board of Directors will present its recommendations regarding director nominees for election at the 2026 Annual Meeting in the Company’s definitive proxy statement and other relevant documents to be filed with the SEC. The date of the Annual Meeting is expected to be April 29, 2026.
Advisors
Goldman Sachs is serving as Tennant’s financial advisor and Latham & Watkins LLP is serving as legal counsel to the Company. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor.
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