Following a months-long battle of press releases, Vancouver’s Thunderbird Entertainment has come to an agreement with shareholder Voss Capital, which has selected two new faces to replace two exiting board members.

Thunderbird’s largest shareholder with a roughly 13% stake in the company, Voss has nominated Asha Daniere and Mark Trachuk to join the board. Daniere is former EVP of legal and business affairs at Blue Ant Media and now has her own consultancy. Trachuk is a Toronto-based lawyer at Norton Rose Fulbright. They will replace Marni Wieshofer (interim chair of the board and chair of the audit committee) and high-profile Canadian businessman Frank Giustra. Thunderbird CEO Jennifer Twiner McCarron is now the board chair, with Trachuk in place as a lead independent director and interim chair of the audit committee.

Under the new agreement, Thunderbird will form a committee to assess its capital allocations and revenue opportunities after the next annual general meeting in March.

Voss has also withdrawn its slate of nominees and has agreed to adhere to the regular board member voting process until the annual general meeting, according to a release from both companies.

This agreement, which is effective until June 30, marks a ceasefire of sorts in a volley of accusations that started last November between Thunderbird, Voss and minority shareholder Railroad Ranch Capital.

Voss blasted Thunderbird on November 9 with a press release calling for change at the publicly held company, accusing it of having a conflict of interest in the composition of its board and for misplacing focus on M&A rather than promoting itself as an acquisition target. Railroad Ranch Capital joined the fray with a call for a strategic review to address the shareholder concerns. Thunderbird defended its corporate strategy and board composition, issuing a statement that said, in part: “Voss is wrong to complain about Thunderbird’s value-creation strategy.”

Thunderbird is a large and high-profile Canadian prodco, well-known for hit shows like Kim’s Convenience (which launched the career of Marvel star Simu Liu) and its Atomic Cartoons animation studio (Hello Ninja, The Last Kids on Earth and Molly of Denali). It also owns factual producer Great Pacific Media and has a relatively new distribution and consumer products division, which launched in 2021 and is helmed by kids industry vet Richard Goldsmith.

Update January 23, 2022: Headline was changed from “Board shakeup at Thunderbird Entertainment.”