Fortrea to Add Erin L. Russell to Board of Directors

Core Viewpoint - Fortrea has appointed Erin L. Russell as a new independent member of its Board of Directors, following a cooperation agreement with Starboard Value LP, which owns approximately 5.4% of Fortrea's outstanding common stock [1][2]. Company Summary - Fortrea is a leading global contract research organization (CRO) that provides clinical development solutions to the life sciences industry, partnering with biopharmaceutical, biotechnology, medical device, and diagnostic companies [5]. - The company offers phase I-IV clinical trial management, clinical pharmacology, and consulting services, leveraging over 30 years of experience across more than 20 therapeutic areas [5]. Board Appointment - Erin L. Russell brings extensive experience in finance and healthcare, having held executive and board roles in various companies, including Modivcare, eHealth, and Kadant [2]. - Russell's previous board experience includes Tivity Health, DeVilbiss Healthcare, DynaVox, and 21st Century Oncology [2]. - She has a background in private equity, having spent 16 years as a principal at Vestar Capital Partners [2]. Cooperation Agreement - The cooperation agreement with Starboard includes a customary standstill and voting agreement, with Starboard having the right to appoint a representative to the Board under certain conditions starting in August 2025 [3]. - Both Fortrea and Starboard expressed positive sentiments regarding their collaboration, emphasizing the goal of driving financial improvements and maximizing shareholder value [2][3]. Advisory and Legal Counsel - Barclays is serving as the financial advisor to Fortrea, while White & Case LLP and Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, LLP are providing legal counsel to Fortrea [4]. - Starboard is represented by Olshan Frome Wolosky LLP as its legal counsel [4].