PHOENIX — The board of directors of NutraCea has approved raising the number of members on its board to nine directors from seven. The company said it intends to fill the positions immediately. Additionally, NutraCea plans to replace two of the six independent directors currently on the board at or before the company’s 2010 annual shareholders’ meeting.
In addition to the changes to the makeup of the board, NutraCea said it will modify the compensation arrangements for its members as well, foregoing cash compensation for all of 2009 and instead issuing stock option grants. In doing so, NutraCea said it hopes to more directly align the board’s compensation with the interests of the shareholders.