Riley Investment Management has been shaking up Cincinnati-based Regent since it accumulated a large stake several years ago. Today, Regent Communications says it’s taking several actions that affect its corproate structure. #1 is that it will reduce the size of its board from seven to six. #2 is that current director and chairman William P. Sutter resigned from both posts, and will be succeeded by another current member. That’s venture capitalist John Wyant, who’s served on the board since June 1998. And #3, Regent agrees not to call any special shareholder meetings until two months after the last designated director from Riley (like Riley principal John Ahn) has left the board. That all leads to Riley agreeing “to not commence any proxy fight or form, join a group or act in concert with any person or entity to change the composition of Regent’s board through December 31, 2009.”