Sachem Head nominates two for Eagle Materials Board

Eagle Materials Inc shareholder Sachem Head Capital Management LP is nominating two people to Eagle Materials’ board, saying the company needs “new voices”.

Scott Ferguson, Sachem Head’s managing partner, and Wendy Lane, board member at Willis Tower Watson plc were both nominated.

Sachem Head, who reported a 8.9 per cent stake on 28 March 2019, is concerned about the “diversion” of resources as Eagle expanded into oil and gas proppants. While it said it was encouraged by the portfolio review, it said a similar drive in the past had not resulted in “action to unlock value”.