Pirate Boards Brink’s

RICHMOND, Va. – Brink’s Co. reported yesterday that it officially appointed hedge fund manager Thomas Hudson to its board, settling a brief campaign by the self-proclaimed pirate to force the sale of the venerable cash carrier and security company. Hudson’s company, Pirate Capital and its Jolly Roger Fund accumulated a 9% stake in Brink’s and waged a proxy battle for two seats on the board, where the pirates plans to agitate for the sale of the company. But after Brink’s fourth quarter report showed a tripling in earnings for both the fourth quarter and fiscal 2006, Hudson, Brink’s largest shareholder, lost the upper hand and settled for a single seat. Separately, Brink’s announced it awarded $5 million in bonuses as rewards for the financial performance, with Chairman and CEO Micheal Dan receiving $2.7 million; and CFO Robert Ritter $670,000.