Company: NGVT
Filing Date: 2025-02-25
Form Type: DEFA14A
Source: 0001140361-25-005894
Chunk: 2

Company: Ingevity Corp
Filing Date: 2025-02-25
Form: DEFA14A
Chunk 2
---
 our portfolio with a “best owner” mindset. The CEO search is progressing well and we are very pleased with the quality of the candidates under consideration. Background on Engagement with Vision One As you have likely seen, one of our recent stockholders, Vision One, today issued a public presentation outlining their perspectives on the Company and making specific demands regarding our portfolio and governance. Vision One first approached the Company in November 2024 – well after we initiated a search for new directors and announced our CEO transition and new strategic priorities, including our portfolio review. Since first being made aware of their concerns through a letter to our Board, members of Ingevity’s Board and management team have met with Vision One’s principals to hear their views on the Company, with the goal of developing a constructive dialogue on how to deliver more stockholder value. In January, Vision One formally nominated four director candidates, including Vision One principals Courtney Mather and Julio Acero, along with two other candidates, Merri Sanchez and F. David Segal. Our Nominating and Governance Committee carefully considered and interviewed each of the nominees pursuant to our established process. At the conclusion of that process, the Nominating and Governance Committee ultimately decided not to recommend any of the candidates to the Board. In coming to its conclusion, the Committee determined that each of Vision One’s candidates lacked relevant sector or public company executive experience and would not meaningfully improve the mix of operational, portfolio or capital allocation expertise on the Board, which are areas of expertise that the Board believes are priorities given the Company’s ongoing evaluation of operational improvements and the review of the Company’s portfolio. In an effort to advance a constructive resolution with Vision One, we offered to work collaboratively with Vision One to identify a mutually agreed director candidate that had expertise aligned with the needs of the Company and our strategy at this time. We also invited them to present their perspectives to the Board, in an effort to deepen our engagement and dialogue. However, with Ingevity in the midst of a CEO transition and an active strategic review process, Vision One has rejected our efforts to engage constructively and has been focused on adding their four hand-picked representatives to the Board. It has now launched a proxy contest to further this objective. While the Company remains open to engagement with Vision One, we do not believe that Vision One’s candidates are additive to our Board and do not believe that their election would be in the best interests of the Company. The Ingevity Board remains open to resolving this matter constructively with Vision One