Safeguard Scientifics’ dissident investors have signed an agreement that puts Ira Lubert, real estate and buyout investor, and Russell Glass on the Safeguard board, writes Joseph DiStefano for the Philadelphia Inquirer.

According to Robert J. Rosenthal, Safeguard’s Chairman, Glass and Lubert will “complement the strength of the current members.”

The dissidents, led by Joseph M. Manko Jr. of the Horton Fund and Darren C. Wallis of Maplewood Capital, have joined forces as Sierra Investments. They used their combined 5.1 percent of the company’s stock to advocate for cuts in expenses and accelerated asset sales. This continued even after Safeguard CEO Steve Zarrilli announced significant staff cuts and the gradual liquidating of positions in two dozen tech companies.

Advertisement

Zarrilli announced his plans to leave earlier this month.

Lubert was an aide to Safeguard founder Warren Musser in the 1990s, but left the company in 2001, saying he wanted to concentrate on sectors he thoroughly understood, such as hotels. He soon became one of the largest and most successful investment managers in Philadelphia area, with more than $15 billion in investments for his clients.

Read more about Safeguard Scientifics in the Philadelphia Inquirer by clicking here.