HOUSTON, Feb. 24, 2016 /PRNewswire/ -- JCP Investment Management, LLC (together with its affiliates, "JCP"), a stockholder of CST Brands, Inc. ("CST" or the "Company") (NYSE: CST), today announced its intention to nominate highly-qualified director candidates for election to CST's Board of Directors (the "Board") at the Company's upcoming 2016 annual meeting of stockholders.
JCP remains disappointed by CST's lack of progress on its operational initiatives, both recently and since being spun out from Valero Energy Corporation nearly three years ago, but continues to believe there is tremendous value and opportunity to be realized in the Company, as further explained in JCP's letter to the Board dated December 22, 2015.
JCP believes that new, independent directors with fresh perspective, industry experience and capital allocation backgrounds should be added to the Board, and has identified potential director nominees with direct and relevant experience in the convenience store industry, including individuals with a broad range of retail and restaurant company experience who have strong ties to Texas, where most of CST's business occurs.
JCP looks forward to a constructive engagement with the Board; however, if no agreement can be reached, JCP intends to formally nominate and pursue the election of its nominees to the Board and more fully engage with CST's shareholders regarding its plans for the Company.
About JCP Investment Management:
JCP Investment Management, LLC is an investment firm headquartered in Houston, TX that engages in value-based investing across the capital structure. JCP follows an opportunistic approach to investing across different equity, credit and distressed securities largely in North America.
SOURCE JCP Investment Management, LLC