Home Latest News White Plains’ Turtle Beach reconfigures board, begins search for potential buyer

White Plains’ Turtle Beach reconfigures board, begins search for potential buyer

Turtle Beach Corp., the White Plains-headquartered gaming accessory maker, has reached an agreement with stockholder coalition led by The Donerail Group LP on what the company called “a meaningful refreshment” of its’ board of directors. The company also disclosed the formation of a strategic review committee that “is overseeing an expanded and wide-ranging process to identify a buyer for the business.”

In connection with the cooperation agreement with the stockholder coalition, Turtle Beach is appointing three members from the Donerail slate to the board; one current Turtle Beach director will retire from the board. If the company is not acquired after 120 days, another Donerail principal will join the board and another incumbent director will retire as a fifth new director who will be independent and mutually selected by the company and Donerail will be added.

The new strategic committee will include two incumbent directors and two Donerail designees, with Donerail Managing Partner William Wyatt serving as an observer to the committee.

“The strategic committee will oversee our process and ensure we are exploring all possible avenues to maximize value for our stockholders,” said Juergen Stark, CEO and Chairman of Turtle Beach. “We are firmly committed to executing on our fiduciary duty and acting in the best interest of all our stockholders, and we are moving forward with purpose.”

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Phil Hall's writing for Westfair Communications has earned multiple awards from the Connecticut Press Club and the Connecticut Society of Professional Journalists. He is a former United Nations-based reporter for Fairchild Broadcast News and the author of 11 books (including the upcoming "100 Years of Wall Street Crooks," published by Bicep Books). He is also the host of the SoundCloud podcast "The Online Movie Show," host of the WAPJ-FM talk show "Nutmeg Chatter" and a writer with credits in The New York Times, New York Daily News, Hartford Courant, Wired, The Hill's Congress Blog, Profit Confidential, The MReport and StockNews.com. Outside of journalism, he is also a horror movie actor - usually playing the creepy villain who gets badly killed at the end of each film.

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