Stewart Info Settles With Starboard to Replace Four on Board

Stewart Information Services Corp. is reshaping its board by adding three independent directors and its chief executive officer to the panel as part of a settlement with its biggest shareholder, activist investor Starboard Value LP.

Stewart CEO Matthew Morris and Clifford Press -- a former Morgan Stanley banker who founded his own investment companies -- will join the property-title insurer’s board immediately, the company said in a statement Tuesday. They replace Malcolm Morris and Stewart Morris, who agreed to resign. Stewart is searching for two additional independent directors to replace Laurie Moore-Moore and Frank Keating, who will step down once replacements are found. The changes mean eight of Stewart’s nine directors will be independent.