TomoTherapy, Avalon come to board solution
This article was originally published in Clinica
Radiation therapy specialist TomoTherapy has agreed to elect two independent members to its board of directors after being pressed by disgruntled shareholder Avalon Portfolio. Jonathan McCloskey, portfolio manager at Avalon, has joined the TomoTherapy board in a bid to help enhance shareholder value. Madison, Wisconsin-based TomoTherapy has also agreed to employ an additional independent director, thus swelling the number of board members to eleven. Avalon had originally been pushing to have four new board members elected to TomoTherapy’s board (see Clinica No 1331, p 21) after claiming the firm was “squandering its market leadership”.