The hedge fund firm Tennenbaum Capital Partners LLC has prevailed in its proxy fight with Online Resources Corp. by getting three new directors elected to the Chantilly, Va., Internet banking outsourcer's board.
"We firmly believe Online Resources has the best online financial information and payment service in the industry," Michael E. Leitner, a managing partner at Tennenbaum, said in an Online Resources press release late Thursday. "We are committed to growing the business and maintaining the company's high quality of service and track record of innovation."
Online Resources did not disclose details of the vote.
Tennenbaum's nominees — John Dorman, a former president and CEO of Digital Insight Corp. (now a unit of Intuit Inc.), Edward D. Horowitz, a former Citigroup Inc. Internet banking executive, and Bruce A. Jaffe, a former Microsoft Corp. executive — will be integrated into the board after the vote is certified, Online Resources said.