Lens Investment Management, the activist investment firm, nominated a fifth candidate for the board of Pioneer Group, announcing it will seek a majority of the eight board seats up for election at the companys annual meeting May 16. Lens, which owns 4.1% of the investment management companys stock, advocates the sale of Pioneer to the highest bidder as the best way of increasing shareholder value.
Its nominee, George W. Siguler, managing director for private equity management firm Siguler Guff, joins Lens previously announced slate of Robert A.G. Monks, Lens chairman; Richard A. Bennett, Lens director of governance; and John P.M. Higgins and Robert B. Holmes, both Lens principals.
Pioneer currently has nine directors. Stephanie Allen, senior marketing coordinator, said one director is stepping down and a decision hasnt been made whether to fill the seat or reduce the board to eight. She said executives wont comment on Lens actions.