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INSURGENTS WIN EDGEWATER SEATS Featured

Frederick DiSanto, Ancora AdvisorsAncora Advisors has won its battle to replace four members of the board of directors of Edgewater Technology with its own nominees. The change was made on February 16 following Ancora’s winning a proxy battle. Whether Ancora's representatives replace top Edgewater execs as promised, remains to be seen.

The investment firm had pledged to dump Edgewater CEO Shirley Singleton and chief technology officer David Clancy, calling them “dead weight” and alleging the two make minimal contributions to the company while being overpaid. Edgewater has two operating units—Ranzel its Oracle practice, and Fullscope, a Dynamics reseller. Ancora said the two businesses run as silos with little need for the corporate officers. Four prior members remain on the board, including Singleton. The four Ancora nominees are Matthew Carpenter, Frederick DiSanto, Jeffrey L. Rutherford, and Kurtis J. Wolf, who replaced Paul E. Flynn, Paul Guzzi, Michael R. Loeb and Wayne Wilson. Ancora’s CEO DiSanto issued a statement saying it “recognizes the significant contributions made by the Company’s employees, its most valuable asset, and looks forward to working with them to grow the Company’s business.” Two of the four seats that were not involved belong to Lone Star Investors, which withdrew a proxy fight last year. So six of the eight board members are now from groups that fought the company.

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