Upset with the direction of Ciber Inc., Lone Star Value Management told the Greenwood Village IT consultancy it plans to nominate three new directors to the board at the upcoming shareholder meeting.
Lone Star, which owns 2.7 million shares of Ciber’s common stock, said Ciber’s stock is “deeply undervalued due in large part to failures of oversight by the incumbent board and poor corporate governance,” according to the .
The filing cited a more than 45 percent decline in the stock price during chairman Paul A. Jacobs’ tenure and the shuffling of four CEOs in the past decade. Jacobs has been a director since 2005 and chairman since 2010.
Ciber did not respond to an e-mail request for comment.
Lone Star added it had confidence in current CEO Michael Boustridge because of improved financial results, but it reiterated its dismay that Ciber kept former CEO David Peterschmidt on the payroll as a consultant in May and gave him an exit package worth $2.6 million.
Lone Star’s three candidates are Richard Coleman Jr., 58, founder and president of Rocky Mountain Venture Services; Robert G. Pearse, 55, managing partner at Yucatan Rock Ventures; and Joshua E. Schechter, 41, executive chairman of Aderans America Holdings.
Ciber’s stock price closed Friday at $3.82. In the past 52 weeks, shares have traded between $2.84 and $5.09.
