Compuware replaces two directors

NEW YORK (AP) -- Software development company Compuware replaced two more directors last Thursday, naming Jeffrey Clarke and Jennifer Raab to its board. Clarke is the managing partner of Augusta Columbia Capital, and Compuware said he has about 30 years of experience in the technology industry. Raab is the president of Hunter College in New York City, and Compuware lauded her legal expertise. They are replacing Glenda Price and Ralph Szygenda, who stepped down from the Detroit company's board. Price had been a director since 2002 and Szygenda had been a director since 2009. The moves come a week after hedge fund Starboard Value disclosed a stake in Compuware Corp. and said the company should sell itself or make strategic changes. Compuware said at the time that it is seeking new directors, had made other changes to its leadership, and is making progress toward stabilizing its mainframe business. According to FactSet, Starboard owns 9.3 million shares of Compuware, about a 4.3 percent stake. Compuware's largest shareholder, Elliott Management, offered to buy the rest of the company for $2.35 billion in December. The offer valued Compuware at $11 per share. The company turned down that offer in January. Elliott Management owns 18.7 million shares, or 8.7 percent of Compuware. In April Compuware named Gurminder Debi as its new chairman, and added David Fubini and Lee Roberts to the board. The company has a total of 11 directors and it plans to announce a full board, including new independent directors, before its next annual meeting. That meeting is scheduled for the first quarter of 2014. Compuware is spinning off its health care information technology unit Covisint. Covisint went public in September with an IPO that raised $64 million. Compuware still owns about 80 percent of Covisint, but it plans to complete the spinoff in 2014. Published: Mon, Nov 25, 2013