Shareholder seeks Barrett board swap

Filing follows critique of executive compensation, holdings

By Aaron Corvin, Columbian Port & Economy Reporter



Barrett Business Services Inc.’s largest shareholder continued her efforts to shake up the Vancouver company’s management Thursday, asking for a special meeting on Feb. 21 to vote on her proposal to replace the company’s board of directors with her own seven nominees.

In a filing with the U.S. Securities and Exchange Commission, Kimberly Sherertz said she believes her “proposed slate of directors would be better placed to work with the current CEO and management than the current members of the board.” The names of those directors were not included in the filing.

Earlier this month, Sherertz said Barrett’s rules spelling out how executives will be compensated in case the company is taken over need to be changed to conform with industry standards and best practices. Previously, she criticized the company’s board for not holding enough of the company’s stock.

While she has leveled criticisms of the company’s board as part of a proxy battle she launched on Nov. 21, Sherertz also has publicly expressed support of Barrett CEO Mike Elich and other company managers.

Sherertz is the widow of former Barrett CEO William Sherertz, 64, who died unexpectedly in January. She was appointed sole representative of the estate of her late husband. The estate owns roughly 25 percent of Barrett’s stock. Barrett provides human-resource outsourcing and professional management consulting services.

Barrett Business Services’ stock, which trades as BBSI on the Nasdaq exchange, closed up 1.89 percent Thursday, at $19.93 per share.