URS Adds 4 New Independent Directors To Board, Effective March 27, 2014

(RTTNews) - URS Corp. (URS) said it would add four new independent directors to its board with effect from March 27, 2014. These four directors would be on URS' slate of directors nominated for election to the board at the company's 2014 Annual Meeting, along with eight incumbents, as part of an agreement with JANA Partners LLC. The four new directors would be: Diane Creel, William Schumann, III, David Siegel and Paul Unruh.

The present directors Donald Knauss and William Sullivan advised the firm that they do not intend to stand for re-election at the 2014 Annual Meeting. Hence, from March 27, 2014 until the Annual Meeting, the board would increase to 14 members from the current ten, but would include 12 directors following the 2014 Annual Meeting.

Pursuant to the agreement with JANA, URS would form a Value Creation Committee of the board that would assess all options for improving shareholder value, including by engaging an investment bank to conduct a strategic review of the company's business segments, operations and capital structure; and reviewing the firm's management compensation structure to enhance alignment with shareholder value creation. The Committee would be comprised of four members, of which two would be new directors.