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Thu, May 20, 2010
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Wed, May 19, 2010
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Managed High Yield Plus Fund Inc. Announces Classification of Board, Additional Governance Changes, and New President
NEW YORK--([ BUSINESS WIRE ])--Managed High Yield Plus Fund Inc. (NYSE: HYF) (the aFunda) today announced that the Funda™s Board of Directors (aBoarda) has approved the classification of the Board into three classes. The classification of the Board is effective immediatelyand the initial term of office of one class of directors will expire at the Funda™s 2010 annual stockholders meeting, with the second class expiring at the 2011 meeting and the third expiring at the 2012 meeting, or when the successors to the members of each class have been elected. The Board members have been classified as follows:
| Class I: Richard Q. Armstrong, Alan S. Bernikow |
| Class II: Richard R. Burt, Meyer Feldberg |
| Class III: Bernard H. Garil, Heather R. Higgins |
The Board also approved several other corporate governance measures to clarify internal procedures and help assure that the purposes and goals of the Fund may be fostered. The Board also appointed Mark E. Carver to succeed Kai R. Sotorp as President of the Fund.