Neuberger urges Verint shareholders to back its three board nominees

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(Reuters) – Asset manager Neuberger Berman on Monday urged the shareholders of data analytics company Verint Systems to vote for its three director nominees after the company rejected them last month.

In a public letter to shareholders, Neuberger, which holds 2.6% stake in the company, said Verint should transition to a ‘modern cloud business’ model.

Verint could not immediately be reached for comment.

The company had said in April none of the nominees of Neuberger were suitable as potential board members and called the nominations “demonstrably unwarranted”.

The asset manager said on Monday it has owned Verint’s stock since 2006 and has tried to communicate with the company’s board for the last two years, but faced reluctance.

Neuberger said a robust share repurchase plan should be an important part for a “low-growth” company like Verint and that the management needs to make a ‘compelling case’ for keeping ownership of both customer engagement and cyber intelligence units.

Verint shareholders are set to meet on June 20 at its annual meeting and will vote on proposals, including the nomination of directors.

Reporting by Shariq Khan in Bengaluru; Editing by Arun Koyyur

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