By Sabela Ojea
National Vision is adding two directors to its board after reaching an agreement with activist investor Engine Capital as it goes through a business transformation.
The optical retail company on Monday said it appointed Jim McGrann --who currently serves as the chief executive of Advancing Eyecare-- and J. Crew's President and Operating Chief Michael Nicholson to the board, which will now be comprised of 11 directors.
McGrann will serve on the board's compensation committee and Nicholson on the audit committee and nominating and corporate governance committee.
The agreement with Engine Capital includes certain customary standstill, voting and other provisions, and will be filed with the U.S. Securities and Exchange Commission, the company said, without disclosing any further details.
Engine Capital is the eighth largest institutional shareholder at National Vision with a stake of 3.21%, according to FactSet.
National Vision Chief Executive Reade Fahs said the company is starting the year with strong momentum across the business as it kickstarts the new phase of its transformation initiatives. Through Monday's close, shares are up around 16%, though the stock has fallen around 47% over the past 12 months.
Some of these measures have included an improved store experience and expanding its customer base beyond low-income demographics. In February, the company said it would reduce corporate headcount by around 10%.
Engine's founder and portfolio manager Arnaud Ajdler said the firm invested in National Vision because of its position in the optical industry and the potential for significant margin improvement, among other reasons.
"We appreciate the productive engagement we have had with the company and we look forward to the contributions from these new directors to advance the company's strategic initiatives and enhance value for all shareholders," Ajdler said.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
March 17, 2025 16:41 ET (20:41 GMT)
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