06:05 AM EDT, 03/18/2024 (MT Newswires) -- Dye & Durham Ltd. ( DYNDF ) , one of the world's largest providers of cloud-based legal practice management software, over the weekend said Brian Derksen, the chair of its board of directors, will not seek reelection at the next annual meeting of shareholders.

Colleen Moorehead, a current board member, will assume the position of chair, effective at the board's next quarterly meeting to approve its third-quarter financial results.

If the company finds a suitable board candidate ahead of its annual shareholders meeting, Derksen said he is willing to step down from the board to allow the candidate to join the board.

The company said it remains focused on its prior stated goal of deleveraging the business, including reducing its leverage ratio to less than four times total net debt to adjusted EBITDA.

In addition, the company said it has received a letter requisitioning a meeting of its shareholders from Engine Capital LP. Dye & Durham ( DYNDF ) is currently reviewing and considering the requisition.