Posted 10/31/2008 03:06 pm
Updated 1 year ago
Jeffrey W. Ubben, managing partner of ValueAct Capital Master Fund LP, is resigning from Acxiom Corp.'s board of directors, the Little Rock company announced Friday.
"Jeff Ubben has been a positive influence on Acxiom and has made significant contributions to our board of directors since joining in August 2006," Acxiom President and CEO John Meyer said in a news release. "We have benefited from his insights and while he will no longer be on our board, I intend to continue to seek his advice."
Ubben's resignation is effective Friday. The statement from Acxiom did not indicate the reason for his departure.
"I have been pleased to have served on the board for the last two years and to help move Acxiom forward," Ubben said in a news release. "I continue to believe that Acxiom is a global leader in its markets. Its leadership is on the right path and I have every expectation that the company will long continue to bring value to its customers and shareholders."
ArkansasBusiness.com reported in October 2007 that Ubben, who leads one of the two firms that tried to buy the data services company in a $3 billion equity buyout, told Forbes in an interview that he wasn't "cutting and running."
He said at that time that he felt that Acxiom's leadership "can fix this. I don't think it's clear yet but I am committed to stay on the board. Look, if I didn't think I could earn a good return on my money I would leave - that's available to me - but at $15 there's a good business here."
Ubben was re-elected in June to a term that was to expire in 2011. As of June, ValueAct owned 13.3 percent, or 10.3 million shares, of Acxiom's stock. As of Friday afternoon, ValueAct had not sold any of its shares.
Ubben was one of only two members of the board who did not receive cash compensation, only stock awards.
Despite a decrease in revenue, on Wednesday Acxiom reported a 20 percent increase to $15.85 million, or 18 cents per share, in earnings during its second quarter.
Shares of Acxiom (Nasdaq: ACXM) were trading at $7.70 late Friday, down 6.7 percent from the previous close.