Shares of Newell Brands Inc. rallied 3.3% in premarket trade Monday, after the consumer products company said it agreed to appoint two directors nominated by activist investor Starboard Value LP, to end the current proxy contest. Newell said it will also nominate another board member from Starboard's slate. As part of the agreement, Andrew Langham will step down from the board, effective immediately, and David Atchison will not stand for election. The two new appointees are Gerardo Lopez and Robert Steele, and the intended nomination is for Bridget Ryan. "This agreement will enable the company to now focus exclusively on the execution of our transformation plans and our efforts to strengthen our financial and operational performance," said Chief Executive Michael Polk. "We have listened to and agreed with our shareholders' desire to see this campaign reach a constructive resolution." The stock had tumbled 14.4% year to date through Friday, while the S&P 500 had eased 0.1%.