James Corcoran, CEO of Purple Mountain Capital Partners, will be nominated as an independent director to Tuesday’s Morning’s board. The decision was made to avert a proxy battle with Purple Mountain and Jeereddi Partners, two hedge funds that own 2.4 percent of the 720-store chain’s stock. Mr. Corcoran believes the chain has “untapped potential” and the company needs to do a better job of “delivering value” to its stockholders.