BOSTON (Reuters) – Lindblad Expeditions on Thursday said it named two independent directors backed by activist investment firm ValueAct Capital, which owns a nearly 10% stake in the adventure cruise company, to its board.
New York-based Lindblad appointed Thomas Smith, a former chief executive of auction house Sothebys, and Sarah Farrell, an associate at ValueAct, to fill two vacant seats on its eight member board, the company said in a regulatory filing.
Two weeks ago, ValueAct, the San Francisco-based activist investment firm known for staying out of the public eye and negotiation with companies in private, increased its ownership in Lindblad to 9.8% from 7.4%.
ValueAct is the second largest investor in the $250 million company that offers adventure cruises to see grizzly bears in Alaska and penguins in Antarctica.
Its share price has tumbled 62% in the last month as fears over the coronavirus pandemic have halted virtually all travel.
“Lindblad’s board has always been a…