Hain Celestial reached an agreement with activist investor Engaged Capital for changes in its board, which could pave the way for a potential sale of the organic food and beverage company, The Wall Street Journal reported on Thursday.
As per the agreement, Hain will nominate six new directors, while three board members will not seek re-election, the Journal reported, citing people familiar with the matter.
Engaged Capital founder Glenn Welling will join the board, according to the report.
The maker of Celestial tea and BluePrint juice will also form a group of directors to examine strategic alternatives, WSJ reported.
Hain Celestial and Engaged Capital did not respond to requests for comment outside regular business hours.