Executive Moves Update – June 11, 2025

Ticker: APD
Mkt Cap: $65.5B
1-Yr TSR: 17.9%
Board Rating: B-

• Sean D. Major resigned as Executive Vice President, General Counsel and Secretary, effective July 11, 2025.  (view source)

• Contested Proxy (APD)
• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• High Activist Vulnerability Risk Score (80)
• Proxy Fight in the last 2 years
• SEC Correspondence in the last year
• SEC No Action letter: Responses
• SEC No Action letter(s) in the last 2 years
• Section 220 Disclosure
• Significant Stock Drop(s) in past 2 years

Ticker: AKAM
Mkt Cap: $11.6B
1-Yr TSR: -15.3%
Board Rating: C-

• Effective July 7, 2025, Janaki Akella and Bas Burger were elected to the Board of Directors of Akamai Technologies, Inc.  (view source)

• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (97)
• Immediate Resignation
• Negative Say-On-Pay Vote: 87% For
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: AAPL
Mkt Cap: $3.2T
1-Yr TSR: -8.4%
Board Rating: B

• On July 8, 2025, Jeff Williams will transition from Chief Operating Officer to a new role, while Sabih Khan will enter the role of Chief Operating Officer.  (view source)

• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Entrenched Board
• SEC No Action letter: Requests
• SEC No Action letter: Responses
• SEC No Action letter(s) in the last 2 years

Ticker: BHC
Mkt Cap: $2.4B
1-Yr TSR: -9.6%
Board Rating: C

• On July 1, 2025, Steven Lee was appointed as Senior Vice President, Controller and Chief Accounting Officer, effective July 14, 2025.  (view source)

• 13D filed in the last 6 months
• Abnormally High 8-K Filings
• CFO Tenure Was Under 2 Years: John S Barresi
• Cooperation Agreement
• Cooperation Agreement in the last 2 years
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (99)
• High CFO Turnover
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: BAX
Mkt Cap: $15.2B
1-Yr TSR: -11.3%
Board Rating: C-

• Andrew Hider has been appointed as CEO and Director of Baxter International Inc., effective September 3, 2025, while Brent Shafer transitions from Interim CEO and Chair to Non-Executive Chair of the Board.  (view source)

• Abnormally High 8-K Filings
• Bankruptcy Alert: 1 director has a bankruptcy history (BAX)
• CEO Tenure Was Under 2 Years: David Brent Shafer
• Gov Risk: Chairman is not independent
• High Activist Vulnerability Risk Score (95)
• High CFO Turnover
• SEC No Action letter(s) in the last 2 years
• Settlement Agreement

Ticker: BBY
Mkt Cap: $15.6B
1-Yr TSR: -9.7%
Board Rating: C

• Damien Harmon is stepping down from his role as Senior Executive Vice President, Channel & Customer Experiences & Enterprise Services effective July 18, 2025.  (view source)

• 13D filed in the last 6 months
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (92)
• SEC No Action letter(s) in the last 2 years

Ticker: CGC
Mkt Cap: $220.4M
1-Yr TSR: -81.2%
Board Rating: D

• Canopy Growth Corporation terminated CFO Judy Hong and appointed Thomas Stewart as interim CFO on July 9, 2025.  (view source)

• Director Elections: < 95% average votes FOR
• Executive Termination(s) within the last year
• Going Concern Risk Filings in the last year
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (94)
• Limited external board experience
• SEC Investigation Related
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: CHWY
Mkt Cap: $16.1B
1-Yr TSR: 52.6%
Board Rating: C+

• David Reeder is resigning as CFO effective July 3, 2025, and William Billings is appointed as interim principal financial officer on the same date.  (view source)

• Bankruptcy Alert: 2 directors have bankruptcy histories (CHWY)
• CFO Tenure Was Under 2 Years: David Reeder
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Multi-Class Shares

Ticker: CNA
Mkt Cap: $11.9B
1-Yr TSR: 2.8%
Board Rating: C-

• Susan A. Stone is exiting her role as Executive Vice President and General Counsel effective no later than July 31, 2025.  (view source)

• Bankruptcy Alert: 3 directors have bankruptcy histories (CNA)
• Cyber Incident(s) within the last year
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (94)
• SEC Correspondence in the last year
• SEC No Action letter(s) in the last 2 years
• Stock Alert: 52-week low at $43.94

Ticker: DE
Mkt Cap: $140.6B
1-Yr TSR: 49.3%
Board Rating: A-

• Sherry M. Smith passed away on July 7, 2025, leading to a reduction in the Board size and the appointment of R. Preston Feight as Lead Director.  (view source)

• Gov Risk: Chairman is not independent
• High CFO Turnover
• Negative Say-On-Pay Vote: 89% For
• SEC No Action letter: Requests
• SEC No Action letter: Responses
• SEC No Action letter(s) in the last 2 years
• Workforce Reduction

Ticker: FLR
Mkt Cap: $8.6B
1-Yr TSR: 16.2%
Board Rating: C+

• On July 2, 2025, Fluor Corporation announced two people moves: Mr. James R. Breuer continues as CEO and Mr. Joseph L. Brennan enters a consulting agreement after serving as CFO.  (view source)

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Bankruptcy Alert: 4 directors have bankruptcy histories (FLR)
• Bankruptcy Alert: Current CFO has bankruptcy history (FLR)
• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• High CFO Turnover

Ticker: HSY
Mkt Cap: $33.4B
1-Yr TSR: -8.4%
Board Rating: C-

• Kirk Tanner has been appointed as President and CEO of The Hershey Company, effective August 18, 2025, and Michele G. Buck will retire from her role as President and CEO and resign from the Board on the same date.  (view source)

• Amended Filing (10-Q/A)
• Bankruptcy Alert: 1 director has a bankruptcy history (HSY)
• Gov Risk: Chairman is not independent
• Gov Risk: Multi-Class Shares
• Limited external board experience
• SEC No Action letter(s) in the last 2 years
• Short Report: Grizzly Research
• Workforce Reduction

Ticker: IDXX
Mkt Cap: $43.5B
1-Yr TSR: 11.9%
Board Rating: B

• Joseph L. (Jay) Hooley was elected as an independent Class III Director of IDEXX Laboratories, Inc. effective July 10, 2025.  (view source)

• Bankruptcy Alert: 2 directors have bankruptcy histories (IDXX)
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: No lead independent director

Ticker: IPGP
Mkt Cap: $3.2B
1-Yr TSR: -12.8%
Board Rating: C-

• On July 1, 2025, Dr. Paulus Bucher was appointed as Senior Vice President, Global Operations at IPG Photonics Corporation.  (view source)

• 13D filed in the last 6 months
• Cyber Incident(s) within the last year
• High Activist Vulnerability Risk Score (98)
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: JAZZ
Mkt Cap: $6.9B
1-Yr TSR: 10.0%
Board Rating: B

• Renee Gala has been appointed as President & Chief Executive Officer of Jazz Pharmaceuticals, effective August 11, 2025, while Bruce Cozadd will transition to a role until his retirement.  (view source)

• Abnormally High 8-K Filings
• Amended Filing (10-K/A)
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Entrenched Board
• Merger Agreement
• Settlement Agreement
• Workforce Reduction

Ticker: KHC
Mkt Cap: $31.3B
1-Yr TSR: -12.7%
Board Rating: C-

• On July 9, 2025, Marcos Eloi Lima will step down as Executive Vice President and Chief Procurement and Sustainability Officer, and Janelle Aydin will succeed him in the role effective August 1, 2025.  (view source)

• High Activist Vulnerability Risk Score (95)
• SEC No Action letter(s) in the last 2 years

Ticker: MMC
Mkt Cap: $105.8B
1-Yr TSR: 1.4%
Board Rating: B

• On July 9, 2025, Bruce Broussard was appointed as an independent member of the Board of Marsh & McLennan Companies, Inc.  (view source)

• Merger Agreement
• SEC No Action letter: Requests
• SEC No Action letter: Responses
• SEC No Action letter(s) in the last 2 years
• Workforce Reduction

Ticker: MLM
Mkt Cap: $34.0B
1-Yr TSR: 4.2%
Board Rating: B-

• Michael J. Petro has been appointed as the Chief Financial Officer of Martin Marietta Materials, effective July 8, 2025, replacing Robert J. Cardin, who will continue as Senior Vice President, Controller and Chief Accounting Officer.  (view source)

• CFO Tenure Was Under 2 Years: Robert J Cardin
• Cyber Incident(s) within the last year
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• Pledging

Ticker: MAS
Mkt Cap: $14.2B
1-Yr TSR: 3.7%
Board Rating: B-

• Keith J. Allman is retiring from his role as President and CEO of Masco Corporation effective July 8, 2025.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (MAS)
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Overboarding
• SEC No Action letter: Requests
• SEC No Action letter: Responses
• SEC No Action letter(s) in the last 2 years

Ticker: OTEX
Mkt Cap: $7.6B
1-Yr TSR: -2.8%
Board Rating: C

• Chadwick Westlake is stepping down as CFO, effective August 15, 2025, and Cosmin Balota will serve as interim CFO until a successor is found.  (view source)

• CFO Tenure Was Under 2 Years: Chadwick Westlake
• CFO Tenure Was Under 2 Years: Madhu Ranganathan
• Director Elections: < 95% average votes FOR
• Failed Say-On-Pay Vote: 25% For
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Entrenched Board
• High Activist Vulnerability Risk Score (79)
• Workforce Reduction

Ticker: PBI
Mkt Cap: $2.0B
1-Yr TSR: 85.4%
Board Rating: A+

• Julie Schoenfeld resigned from the Board of Directors of Pitney Bowes Inc. on July 5, 2025.  (view source)

• 13D filed in the last 6 months
• Abnormally High 8-K Filings
• CEO Tenure Was Under 2 Years: Lance Rosenzweig
• CFO Tenure Was Under 2 Years: John Witek
• Cooperation Agreement in the last 2 years
• Director Elections: < 95% average votes FOR
• High CFO Turnover
• Settlement Agreement
• Workforce Reduction

Ticker: CRM
Mkt Cap: $252.4B
1-Yr TSR: 5.1%
Board Rating: B-

• On July 9, 2025, Amy Chang and David Kirk were appointed as directors of Salesforce, Inc.  (view source)

• Cyber Incident(s) within the last year
• Director Elections: < 95% average votes FOR
• Gov Risk: Entrenched Board
• High Activist Vulnerability Risk Score (78)
• High CFO Turnover
• Negative Say-On-Pay Vote: 76% For
• SEC No Action letter: Responses
• SEC No Action letter(s) in the last 2 years
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: SO
Mkt Cap: $102.5B
1-Yr TSR: 22.9%
Board Rating: B+

• David P. Poroch is appointed as CFO, succeeding Daniel S. Tucker who is retiring.  (view source)

• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• Gov Risk: More than one Director over 75
• SEC No Action letter(s) in the last 2 years
• Settlement Agreement

Ticker: TDG
Mkt Cap: $86.5B
1-Yr TSR: 27.7%
Board Rating: A-

• Jessica L. Warren exited her roles as General Counsel, Chief Compliance Officer, and Secretary of TransDigm Group Incorporated effective July 7, 2025.  (view source)

• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Entrenched Board
• Short Report: The Bear Cave
• Stock Alert: All-time high at $1,539.53

Ticker: WOLF
Mkt Cap: $247.4M
1-Yr TSR: -93.4%
Board Rating: D

• Gregor van Issum has been appointed as Chief Financial Officer and Executive Vice President of Wolfspeed, Inc., effective September 1, 2025, succeeding Kevin Speirits who will return to his previous role.  (view source)

• Abnormally High 8-K Filings
• Bankruptcy Filing: Chapter 11 in TX (WOLF)
• CEO Tenure Was Under 2 Years: Thomas H Werner
• Class Action
• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• High Activist Vulnerability Risk Score (97)
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction