Mark Rachesky of MHR Fund Management will serve as a Class I director on the board of directors of Titan International Inc (NYSE:TWI). A new amended filing with the Securities and Exchange Commission reveals that Rachesky has accepted an offer from the company to serve on the board, with the appointment effective as of June 1, 2014.
MHR Fund Management is holder of 6.17 million shares of Titan International Inc (NYSE:TWI), the stake representing 11.5% of common stock. Rachesky is the founder and president of New York based MHR Fund Management, which manages around $6 billion of capital and has holdings in public and private companies in a variety of industries.
Rachesky founded MHR Fund Management in 1996, after previously working at Carl Icahn‘s hedge fund and he is a well-known activist investor. Rachesky also serves on the boards of directors of various public and private companies. He is chairman of the board of directors of Loral Space & Communications Ltd. (NASDAQ:LORL), Telesat Canada and Lions Gate Entertainment Corp. (USA) (NYSE:LGF).
“All of Titan’s directors had the opportunity to meet Dr. Rachesky and agreed he would make an excellent board member and bring a new voice to Titan’s shareholders. We look forward to his participation on the board,” Titan International Inc (NYSE:TWI) CEO and Chairman Maurice Taylor said in a statement.
Titan International Inc. (NYSE: TWI) is a holding company and its subsidiaries are involved in businesses of supply wheels, tires, assemblies and undercarriage product for off-highway equipment used in agricultural, earthmoving/construction and consumer applications. The company has a market cap of $878 million and trades at P/E of 29.50. Other shareholders of the company include First Pacific Advisors LLC, managed by Robert Rodriguez and Steven Romick, and Jay Petschek and Steven Major’s Corsair Capital Management, which disclosed owning 848,100 shares and 482,383 shares of the company, respectively, at the end of 2013.