Stewart Information Services Corp. announced the election of Glenn Christenson, managing director of Velstand Investments LLC, and Arnaud Ajdler, managing partner of Engine Capital LP, to the Stewart board of directors. In addition, current board member, Thomas Apel has been elected chairman of the board, and Paul Hobby has transitioned to advisory director. Christenson and Ajdler will replace previous board members Douglas Hodo, former chairman of the board, and Catherine Allen.
"We are pleased to announce the addition of Glenn and Arnaud to our board of directors, and look forward to their contributions to further diversify and grow Stewart," said Matt Morris, president and chief executive officer of Stewart. "We sincerely thank Dr. Hodo and Catherine Allen for their service and guidance as board members of Stewart over the past years."
Christenson has been the managing director of Velstand Investments LLC since 2004. He also serves as chief financial officer, senior vice president, treasurer and assistant secretary at Rancho Station LLC. Between 1989 and 2007, Christenson held various positions, including director, chief financial officer, chief administration officer, executive vice president and other management roles, at Station Casinos. He was a partner of Deloitte Haskins & Sells (now Deloitte & Touche) from 1983 to1989, with duties as partner-in-charge of Nevada Audit Services, and National Audit partner for the hospitality industry. He served as a director of NV Energy from 2007 to2013, and was previously a director of First American Financial Corp. and Nevada Community Bank.
Ajdler has served as the managing partner of Engine Capital LP, a value-oriented investment firm focused on companies going through changes, since February 2013. He was previously a partner at Crescendo Partners, anactivist investment firm, from 2005 to2013. Ajdler is also an adjunct professor of value investing at the Columbia Business School. He also serves as the chairman of the board of directors of Destination Maternity Inc.
Apel is currently chief executive officer of VLN Inc., a non-conforming mortgage lending operation in Edmond, Okla. He is also a research affiliate with the Massachusetts Institute of Technology, currently focused on business model taxonomy and IT portfolio strategies. From 2006 until Jan. 1, 2013, Apel was president of Intrepid Ideas Inc., a product development, technology evaluation and business strategy consulting firm for financial services and real estate finance companies.
Prior to 2006, Apel served as president and chief executive officer of Centex Title and Ancillary Services, and was responsible for management, strategy development and implementation of a highly profitable business unit containing national title, escrow, title insurance and property and casualty insurance operations. His background also includes extensive experience in mortgage lending and related real estate lending operations.
In addition, the board consists of Robert Clarke, senior partner in the Houston office of Bracewell & Giuliani LLP; Gov. Frank Keating, president and chief executive officer of the American Bankers Association (ABA); Laurie Moore, chief executive officer of The Institute for Luxury Home Marketing; Malcolm Morris, Stewart Information Services Corp. co-vice chairman; Stewart Morris Jr., Stewart Information Services Corp. co-vice chairman; and Arthur Porter,professor emeritus of the University of Oklahoma.
In addition Paul Hobby, founding chairman of Genesis Park L.P., and Matt Morris, president and chief executive officer of Stewart, serve as advisory directors to the board.