PICO Reports Termination Of Settlement Agreement With Central Square Management

(RTTNews) - PICO Holdings, Inc. (PICO) announced it has taken a number of actions designed to further enhance its corporate governance practices. The company has agreed to terminate the Settlement Agreement dated March 18, 2016 with Central Square Management LLC. Each PICO Director whose term was not scheduled to expire at the 2017 Annual Meeting executed a resignation letter which voluntarily shortened his term so that it concludes at the 2017 Annual Meeting. The entire PICO Board will stand for election for a one-year term at the 2017 Annual Meeting and at each annual meeting thereafter.

The Board has approved the reduction in size of the Board to five members immediately following the 2017 Annual Meeting of Shareholders. As part of the changes, the Board announced that Marino has resigned as Chairman and that Webb, CEO and a director, has been elected to the additional position of Chairman of the Board, effective immediately. PICO's Board believes that combining the Chairman and CEO positions is the most efficient structure for the company at the current time. PICO intends to hold an advisory vote on the matter at its 2017 Annual Meeting.

The Board of PICO Holdings has fixed the date of the 2017 Annual Meeting of Shareholders to be held on May 4, 2017.