e.l.f. Beauty inks cooperation agreement with Marathon Partners

US-based e.l.f. Beauty announced a cooperation agreement with investment firm Marathon Partners Equity Managment, LLC, which owns 5.2% of e.l.f. Beauty’s outstanding common stock.

As part of the agreement, the company’s board said it will include a “say-on-pay” proposal, as well as a proposal regarding the frequency of future “say-on-pay” votes. Stockholders will be eligible to vote on both at e.l.f. Beauty’s upcoming 2020 annual meeting.

The beauty company also appointed Lori Keith independent director to the board and as a member of the Nominating and Corporate Governance Committee of the board, effective immediately.

Keith is portfolio manager at investment management company Parnassus Investments.

She has been appointed to serve as a Class III Director and will be standing for election at the Company’s 2022 Annual Meeting of stockholders.

e.l.f. Beauty has expanded the size of its board to include nine members.