Under pressure, Potbelly adds new director to board-2017-10-07Under pressure, Potbelly adds new director to board-2017-10-07

Potbelly Corp. on Thursday said that it has appointed Ancora Advisors Portfolio Manager Joseph Boehm to its board of directors — four months after the shareholder sent a scathing letter critical of the company.

The appointment was part of a “settlement agreement” with Ancora, an investment advisor based in Cleveland. Potbelly has agreed to appoint Boehm to its board and nominate him when his term on the board is up in 2018.

In exchange, Ancora said it would not acquire more than 9.9 percent of Potbelly stock and would not participate in any effort to change control of the company. Ancora also agreed not to sue the company or present a stockholder proposal at any upcoming meetings.

Ancora owns 4.3 percent of Potbelly stock, making it the com...