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06.17.2009 4:28 pm

Ramius finally says which CPI director it opposes

St. Louis Post-Dispatch
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Three weeks after announcing that it wants to oust two CPI Corp. directors, investor Ramius LLC has finally named the second target of that effort. It’s Turner White, who is identified in CPI’s proxy materials as owner of White & Co., a consulting and investment firm in Kansas City. He joined the board in 2004.

Ramius said earlier that it wants to oust Michael Koeneke, a managing member of Knighstpoint Partners. Ramius and Knightspoint once were allies, but now Ramius says that Knightspoint has too much influence on the CPI board. Ramius owns 23 percent of CPI’s shares, compared with a 3.5 percent stake for Knightspoint.

Ramius’ latest filing, made Tuesday, doesn’t mention any reason why White should be removed from CPI’s  board. It has been saying that the photo-studio company needs more directors with retail experience, and has listed former Home Depot executive Joseph Izganics on its own slate of nominees.

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I wouldn’t recommend anyone that has been associated with any decision making from Home Depot

— John Newman
11:52 am June 18th, 2009