A major shareholder of Investors Bancorp is getting a board seat at the Short Hills, N.J., company.
The $23.2 billion-asset company disclosed in a regulatory filing Tuesday that it had reached an agreement with Blue Harbour Group in Greenwich, Conn., that provides the shareholder with board representation.
Peter Carlin was selected as the new director. He has been a managing director at Blue Harbour since 2014.
Carlin “has significant expertise in the capital and financial markets which will enhance our board as we continue to grow our franchise,” Kevin Cummings, Investors’ president and CEO, said in a press release included with the filing.
Blue Harbour started building a stake in Investors in 2014 that has grown to about 10%. Under the new agreement, Blue Harbour must own at least 4% of Investors’ stock to keep the board seat.