Reddy Ice Holdings invites 2 new board directors and looks for new CEO

Reddy Ice Holdings, Inc. (NYSE: FRZ) decided to add two Shamrock Activist Value Fund nominees to its board of directors in spite of low stock and weak earnings.

Photo: Reddy Ice Holdings invites 2 new board directors and looks for new CEO

The largest packaged ice manufacturer in the United States has invited Christopher S. Kiper, a vice president at Shamrock, and Michael H. Rauch of law firm Fried Frank.

In addition Reddy Ice has found a firm that will help select a new chief executive, since Jimmy C. Weaver resigned as CEO in December. The position is temporary held by Chairman William P. Brick.

Shamrock Holdings, founded as the Roy E. Disney family investment firm, is fulfilling its wishes through Reddy Ice, but it’s still unclear, if the company can really help Reddy Ice come of crisis. In February, Shamrock increased its stake in Reddy to 15.6%, or 3.4 million shares.

Reddy Ice has lost 46.9%, or $11.86, over the last 4,5 months. In January the company traded at $25.16. Reddy still claims that its 2008 outlook will be above Wall Street's expectations.

Photo: seekingalpha.com