Pirate's Tom Hudson Leaves Cornell (CRN) Board To Focus on Brink's (BCO)

Yesterday, Pirate Capital's Thomas Hudson announced he has resigned from the Board of Directors of Cornell Companies Inc. (NYSE: CRN). Hudson said he is resigning so he can pursue efforts at The Brink's Company (NYSE: BCO), where he was recently added to the board and has been pushing the company to review strategic alternatives.

Hudson's firm owns a 16.5% stake in Cornell.

Hudson said, "I am pleased to say that Cornell is a very different company than when I joined the board almost two years ago. In my tenure on the board, I have worked to see the stock appreciate from $13.60 to $20.50 per share. The company is now well-positioned to take advantage of the tremendous growth opportunities in the corrections industry, and has a new management team and a strong board in place leading it forward."

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