Sea-Land and Simmons reached an agreement.
The company said it will nominate Harold C. Simmons to its board of directors. Two of Simmons’ representatives, retired Adm. Elmo R. Zumwalt Jr. and attorney J. Landis Martin, will also be nominated to the board as a result of the “understanding” reached between the firm and Simmons, Sea-Land Corp. said. The company said it came to terms with the Dallas financier to avoid his plan to wage a proxy fight for control of the board. Simmons currently owns just under 40% of Sea-Land’s common stock.
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