Insurer Humana, Starboard agree to add independent directors

By The Associated Press

Humana is adding two more independent directors to its board under an agreement with activist hedge fund Starboard Value. The Medicare Advantage coverage provider said Tuesday that it will add one director before the company’s annual shareholder meeting April 21 and the other afterward. Two incumbent board members will then not stand for re-election at the next two meetings in what the company deems a “board refreshment.” Counting those additions, Humana says it will have added seven new independent directors to its board over the past three years.