GCP Applied Technologies Announces Preliminary Results of 2020 Annual Meeting of Stockholders and Reconstituted Board of Directors

New Board Excited to Immediately Begin Working with GCP’s Management Team and Dedicated Employees to Enhance Value for All GCP Stakeholders

CAMBRIDGE, Mass., May 28, 2020 (GLOBE NEWSWIRE) -- GCP Applied Technologies Inc. (NYSE:GCP) (“GCP” or the “Company”), a leading global provider of construction products technologies, today announced that, based on the preliminary vote count provided by its proxy solicitor following the Company’s 2020 Annual Meeting of Stockholders, GCP shareholders have elected all eight Starboard-nominated directors to GCP’s Board of Directors including: Kevin Brown, Peter Feld, Janet Giesselman, Clay Kiefaber, Marran Ogilvie, Andrew Ross, Linda Welty and Rob Yanker. Based on the preliminary vote count, GCP nominees Randall Dearth and Armand Lauzon were also elected by shareholders. 

Randy Dearth, GCP’s President and Chief Executive Officer, said, “I am incredibly proud of our employees for their commitment to, and focus on, operating safely and serving our customers and for their unwavering support during this year’s annual meeting process. It is thanks to their efforts over the last year that GCP is positioned for success and value creation, with significant recent performance improvement and positive business momentum entering the COVID-19 crisis. On behalf of GCP, I would also like to thank our shareholders for the thoughtful and constructive feedback we received throughout this process.”

Mr. Dearth continued, “Importantly, the primary objectives of the new GCP Board and our current management team remain the same: to best serve our customers, support our employees and deliver value to shareholders. I, together with the entire management team, look forward to working collaboratively with the new Board to build on our momentum, execute our strategic operating plan, and drive GCP’s continued progress. We also thank Gerald Colella, Janice Henry, James Kirsch, Phillip Mason, Elizabeth Mora and Danny Shepherd for their service on GCP’s Board and their contributions to the Company.”

Speaking on behalf of GCP’s newly elected Board, Peter A. Feld, Managing Member of Starboard, said, “GCP is a great company with a bright future. The new Board members are prepared and excited to immediately begin working alongside GCP’s management team to put GCP on track for long-term value creation for all shareholders. My fellow Board members and I share a common goal for GCP – to enhance value for all of GCP’s stakeholders, including its employees, customers, partners and shareholders. The new Board wishes the departing directors well, and we thank them and their advisors for ensuring a smooth and seamless transition process that will allow us to immediately focus on the priorities at hand.”