DALLAS, May 12, 2017 (GLOBE NEWSWIRE) -- ClubCorp – The World Leader in Private Clubs® (NYSE:MYCC) – today announced that it has reached an agreement with FrontFour Capital Group LLC and certain of its affiliates under which two new independent directors have been added to the ClubCorp Board of Directors, effective immediately. With these additions, the ClubCorp Board now comprises 10 directors, nine of whom are independent.

The two new independent directors are:
- Simon M. Turner, formerly the President, Global Development of Starwood Hotels & Resorts: Mr. Turner, who was identified as a mutually agreeable candidate pursuant to the Agreement, will be included on the Company’s slate of class I directors standing for election at the 2017 Annual Meeting and will serve as a member of the Board’s Nominating and Corporate Governance Committee.
- Emanuel (“Manny”) Pearlman, Executive Chairman of the Board of Directors of Empire Resorts: Mr. Pearlman, who was designated by FrontFour pursuant to the Agreement, will serve as a class II director with a term expiring at the Company’s 2018 Annual Meeting and as a member of the Board’s Strategic Review Committee.

"We welcome both Simon and Manny to the Board, and believe this Agreement represents a constructive outcome for the Company and all ClubCorp shareholders,” said John Beckert, Chairman of the Board of ClubCorp. “Simon and Manny have broad experience working across a wide range of industries, including travel and leisure, and have served in leadership positions at both public and private companies. Our entire Board and management team are committed to enhancing shareholder value, and we intend to leverage our two new independent directors’ unique backgrounds to advance the Company’s growth and success."

“ClubCorp has a number of initiatives underway,” said Eric Affeldt, ClubCorp Chief Executive Officer. “We look forward to working together to continue our progress and consider additional opportunities to drive growth and unlock the value inherent in ClubCorp.”

"We are excited that Simon and Manny are joining the ClubCorp Board given their vast experience and track records. We see significant embedded value within ClubCorp and believe that, as directors, these individuals will work diligently to maximize value for all shareholders. We look forward to continuing the constructive dialogue we have had with the Board and management over the past few years,” said David Lorber, a Managing Member of FrontFour.

Pursuant to the Agreement, FrontFour has agreed to abide by certain customary standstill and voting provisions. In addition, FrontFour has committed to withdraw its director nominations and support the Board’s nominees at the 2017 Annual Meeting. The complete agreement between ClubCorp and FrontFour will be included as an exhibit in a Form 8-K filed by the Company with the Securities and Exchange Commission ("SEC").

ClubCorp’s definitive proxy materials for its 2017 Annual Meeting, which is expected to be scheduled in the near future, will contain important information about the Company and will be filed with the SEC.

About ClubCorp (NYSE:MYCC)

Since its founding in 1957, Dallas-based ClubCorp has operated with the central purpose of Building Relationships and Enriching Lives®. ClubCorp is a leading owner-operator of private golf and country clubs and private business clubs in North America. ClubCorp owns or operates a portfolio of over 200 golf and country clubs, business clubs, sports clubs, and alumni clubs in 27 states, the District of Columbia and two foreign countries that serve over 430,000 members, with approximately 20,000 peak-season employees. ClubCorp Holdings, Inc. is a publicly traded company on the New York Stock Exchange (NYSE:MYCC). ClubCorp properties include: Firestone Country Club (Akron, Ohio); Mission Hills Country Club (Rancho Mirage, California); The Woodlands Country Club (The Woodlands, Texas); Capital Club Beijing; and Metropolitan Club Chicago. You can find ClubCorp on Facebook at facebook.com/clubcorp and on Twitter at @ClubCorp.

About FrontFour Capital

FrontFour Capital is an investment adviser based in Greenwich, CT. FrontFour focuses on value-oriented investments in North American companies.