Executive Moves Update – August 1, 2025

Ticker: SRCE
Mkt Cap: $1.5B
1-Yr TSR: -3.6%
Board Rating: C+

• On July 24, 2025, Christopher J. Murphy III will transition to Executive Chairman, Andrea G. Short will become CEO, and Kevin C. Murphy will be promoted to President of the Bank, effective October 1, 2025.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (SRCE)
• Director Elections: < 95% average votes FOR
• 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
• Gov Risk: More than one Director over 75
• Limited external board experience

Ticker: ADAP
Mkt Cap: $21.2M
1-Yr TSR: -94.0%
Board Rating: C-

• Adaptimmune announced several executive departures as part of a restructuring plan, effective in August 2025.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (ADAP)
• Going Concern Risk Filings in the last year
• Hot Seat Risk Score – CEO: Elevated (60)
• Overboarding
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time low at $0.08
• Workforce Reduction

Ticker: AIRS
Mkt Cap: $388.5M
1-Yr TSR: 33.0%
Board Rating: C

• Dennis Dean is retiring from the role of Chief Financial Officer, effective July 29, 2025, and will continue until a successor is appointed.  (view source)
• Philip Bodie resigned as Chief Accounting Officer effective August 1, 2025.  (view source)

• CEO Tenure Was Under 2 Years: Dennis Dean
• CEO Tenure Was Under 2 Years: Todd Magazine
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Limited external board experience
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: AIN
Mkt Cap: $1.6B
1-Yr TSR: -41.3%
Board Rating: C

• On July 30, 2025, Albany International Corp. appointed Willard Station as Executive Vice President – Chief Financial Officer, effective September 1, 2025, succeeding Jairaj (JC) Chetnani who served as interim CFO.  (view source)

• Abnormally High 8-K Filings
• CFO Tenure Was Under 2 Years: Jairaj (JC) Chetnani
• Director Elections: < 95% average votes FOR
• Gov Risk: Multi-Class Shares
• High CFO Turnover
• Significant Stock Drop(s) in past 2 years
• Stock Alert: 52-week low at $54.19
• Workforce Reduction

Ticker: AON
Mkt Cap: $76.7B
1-Yr TSR: 8.7%
Board Rating: B

• David DeBrunner will join Aon plc as Senior Vice President, Global Controller and Chief Accounting Officer effective September 15, 2025, succeeding Michael Neller, who will transition to Deputy Global Chief People Officer.  (view source)

• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Entrenched Board
• Negative Say-On-Pay Vote: 89% For
• Workforce Reduction

Ticker: APPF
Mkt Cap: $9.6B
1-Yr TSR: 20.7%
Board Rating: A-

• Tim Eaton has been appointed as Chief Financial Officer of AppFolio, Inc. effective July 30, 2025.  (view source)

• Cyber Incident(s) within the last year
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Entrenched Board
• Gov Risk: Multi-Class Shares
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: ASH
Mkt Cap: $2.4B
1-Yr TSR: -45.3%
Board Rating: D

• On July 18, 2025, Mr. William Whitaker was appointed as Senior Vice President Chief Financial Officer and Principal Financial Officer of Ashland Inc.  (view source)

• Bankruptcy Alert: 2 directors have bankruptcy histories (ASH)
• High Activist Vulnerability Risk Score (94)

Ticker: ASPI
Mkt Cap: $680.8M
1-Yr TSR: 242.3%
Board Rating: B

• Paul Mann is the Chairman and CEO of the Company, Dr. Todd Wider is a Director and Chief Strategy Officer, and Bruce Turner is the CEO of IsoBio, with their designations confirmed in the Voting Agreement.  (view source)

• Abnormally High 8-K Filings
• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Bankruptcy Alert: 1 director has a bankruptcy history (ASPI)
• Bankruptcy Alert: Current CEO has bankruptcy history (ASPI)
• Class Action
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: ALOT
Mkt Cap: $85.8M
1-Yr TSR: -28.6%
Board Rating: B

• Darius G. Nevin was appointed Interim President and Chief Executive Officer of AstroNova, Inc. on June 29, 2025, and a letter agreement outlining his employment terms was entered into on July 23, 2025.  (view source)

• 13D filed in the last 6 months
• Bankruptcy Alert: 1 director has a bankruptcy history (ALOT)
• Contested Proxy (ALOT)
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Proxy Fight in the last 2 years
• Workforce Reduction

Ticker: AVDL
Mkt Cap: $1.0B
1-Yr TSR: -35.7%
Board Rating: B-

• On July 29, 2025, Gregory J. Divis, Dr. Eric J. Ende, Geoffrey M. Glass, Dr. Mark A. McCamish, Linda S. Palczuk, Peter J. Thornton, and Dr. Naseem S. Amin were elected as directors to the Board of Directors, each serving a one-year term.  (view source)

• Abnormally High 8-K Filings
• Significant Stock Drop(s) in past 2 years

Ticker: BRBR
Mkt Cap: $6.9B
1-Yr TSR: 6.4%
Board Rating: A-

• Elliot H. Stein, Jr. is resigning from the Board effective September 30, 2026, while Thomas P. Erickson, Shawn W. Conway, and Jennifer Kuperman are taking on new roles within the Board.  (view source)

• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Overboarding
• Significant Stock Drop(s) in past 2 years

Ticker: BCRX
Mkt Cap: $1.7B
1-Yr TSR: 11.8%
Board Rating: C+

• Jon Stonehouse will retire as CEO effective December 31, 2025, and Charlie Gayer will become President on August 1, 2025, and CEO on January 1, 2026, while also being elected as a director.  (view source)

• Abnormally High 8-K Filings
• Bankruptcy Alert: 3 directors have bankruptcy histories (BCRX)
• Cyber Incident(s) within the last year
• Gov Risk: Classified Board / Staggered Director Elections
• Internal Control Risk
• Settlement Agreement
• Workforce Reduction

Ticker: BMRN
Mkt Cap: $11.1B
1-Yr TSR: -31.4%
Board Rating: C-

• Ian T. Clark has been appointed to the Board of Directors of BioMarin Pharmaceutical Inc., effective August 1, 2025.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (BMRN)
• Cooperation Agreement
• Cooperation Agreement in the last 2 years
• High Activist Vulnerability Risk Score (96)
• Merger Agreement
• SEC Correspondence in the last year
• 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: BIO
Mkt Cap: $6.6B
1-Yr TSR: -28.5%
Board Rating: C-

• Michael Crowley is retiring as Executive Vice President, Global Commercial Operations, effective August 4, 2025, and Rajat Mehta is appointed to the same position starting on that date.  (view source)

• 13D filed in the last 6 months
• Director Elections: < 95% average votes FOR
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Multi-Class Shares
• High Activist Vulnerability Risk Score (90)

Ticker: BTBT
Mkt Cap: $604.6M
1-Yr TSR: -23.6%
Board Rating: C-

• On July 25, 2025, Justin Zhu was appointed as Chief Accounting Officer and principal financial officer of Bit Digital, while Erke Huang transitioned from principal financial officer to retain the title of Chief Financial Officer.  (view source)

• High Activist Vulnerability Risk Score (88)
• Hot Seat Risk Score – CEO: Elevated (74)
• Limited external board experience
• Negative Say-On-Pay Vote: 71% For
• Significant Stock Drop(s) in past 2 years

Ticker: BL
Mkt Cap: $3.4B
1-Yr TSR: 13.2%
Board Rating: C

• Gregory Hughes has been appointed to the Board of Directors of BlackLine, Inc., effective July 25, 2025.  (view source)

• Cooperation Agreement
• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: No lead independent director
• Hot Seat Risk Score – CEO: Elevated (67)
• Limited external board experience
• Negative Say-On-Pay Vote: 75% For
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: BOXL
Mkt Cap: $4.5M
1-Yr TSR: -31.8%
Board Rating: D

• Brian D. Lane has been appointed as the Interim Chief Financial Officer of Boxlight Corporation effective July 22, 2025.  (view source)

• 13D filed in the last 6 months
• Amended Filings (10-K/A) within the last year
• Going Concern Risk Filings in the last year
• Gov Risk: No new Directors in last 5 years
• High CFO Turnover
• Hot Seat Risk Score – CEO: Elevated (61)
• Limited external board experience
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: TBHC
Mkt Cap: $37.3M
1-Yr TSR: -4.6%
Board Rating: C-

• On July 24, 2025, Kirkland’s, Inc. shareholders elected five nominees for director to serve a one-year term.  (view source)

• 13D filed in the last 6 months
• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Bankruptcy Alert: 1 director has a bankruptcy history (TBHC)
• Going Concern Risk Filings in the last year
• Gov Risk: Classified Board / Staggered Director Elections
• High CFO Turnover
• Limited external board experience
• SEC Correspondence in the last year

Ticker: BWXT
Mkt Cap: $13.9B
1-Yr TSR: 54.1%
Board Rating: B

• On July 30, 2025, Mike T. Fitzgerald was appointed as Senior Vice President, Chief Financial Officer and Chief Accounting Officer of BWX Technologies, Inc.  (view source)

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Gov Risk: Classified Board / Staggered Director Elections
• Stock Alert: All-time high at $152.38

Ticker: BYRN
Mkt Cap: $504.3M
1-Yr TSR: 136.8%
Board Rating: B-

• On July 29, 2025, Byrna Technologies Inc. designated Laurilee Kearnes, Luan Pham, and John Brasseur as Tier 2 participants in the Executive Severance Plan.  (view source)

• Abnormally High 8-K Filings
• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Bankruptcy Alert: 1 director has a bankruptcy history (BYRN)
• Cyber Incident(s) within the last year
• Director Elections: < 95% average votes FOR
• Negative Say-On-Pay Vote: 80% For
• Short Report: Bonitas Research
• Significant Stock Drop(s) in past 2 years

Ticker: CG
Mkt Cap: $21.9B
1-Yr TSR: 25.6%
Board Rating: C+

• Effective January 1, 2026, John C. Redett, Mark Jenkins, and Jeff Nedelman will become Co-Presidents of Carlyle, while Justin Plouffe will become Chief Financial Officer.  (view source)

• 13D filed in the last 6 months
• 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
• Gov Risk: More than one Director over 75
• Negative Say-On-Pay Vote: 70% For
• SEC Investigation Related
• Settlement Agreement
• Stock Alert: All-time high at $63.45

Ticker: CLS
Mkt Cap: $23.0B
1-Yr TSR: 281.1%
Board Rating: A

• Chris Colpitts has been appointed as a member of the Board of Directors of Celestica Inc., effective July 28, 2025.  (view source)

• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time high at $202.41
• Workforce Reduction

Ticker: CHE
Mkt Cap: $6.0B
1-Yr TSR: -27.4%
Board Rating: B

• Nicholas M. Westfall is resigning as Chairman and Chief Executive Officer of Vitas effective July 29, 2025, while continuing as Executive Vice President of Chemed Corporation.  (view source)

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Director Elections: < 95% average votes FOR
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Entrenched Board
• Gov Risk: More than one Director over 75
• Limited external board experience
• Negative Say-On-Pay Vote: 86% For
• Settlement Agreement
• Stock Alert: 52-week low at $412.30

Ticker: CHMI
Mkt Cap: $90.8M
1-Yr TSR: -11.9%
Board Rating: C

• Susan Healey has been appointed as General Counsel of Cherry Hill Mortgage Investment Corporation, effective July 29, 2025.  (view source)

• Director Elections: < 95% average votes FOR
• Limited external board experience
• Negative Say-On-Pay Vote: 61% For
• SEC Correspondence in the last year

Ticker: CVX
Mkt Cap: $264.8B
1-Yr TSR: -1.2%
Board Rating: C

• John B. Hess was appointed as a member of the Board of Chevron Corporation, effective July 28, 2025.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (CVX)
• Gov Risk: Entrenched Board
• High Activist Vulnerability Risk Score (86)
• SEC Correspondence in the last year
• SEC No Action letter: Requests
• SEC No Action letter: Responses
• SEC No Action letter(s) in the last 2 years

Ticker: CI
Mkt Cap: $71.4B
1-Yr TSR: -21.9%
Board Rating: B-

• Michael J. Hennigan was appointed as an independent member of the Board of Directors of The Cigna Group, effective June 2, 2025.  (view source)

• Gov Risk: Chairman is not independent
• Negative Say-On-Pay Vote: 89% For
• SEC Correspondence in the last year
• Settlement Agreement
• Workforce Reduction

Ticker: CLVT
Mkt Cap: $2.6B
1-Yr TSR: -42.9%
Board Rating: D

• Gordon Samson will depart as President, Intellectual Property on September 7, 2025, Valeria Alberola will resign from the Board of Directors effective December 31, 2025, and Maroun S. Mourad will become President, Intellectual Property on September 8, 2025.  (view source)

• CEO Tenure Was Under 2 Years: Jonathan Gear
• Gov Risk: Classified Board / Staggered Director Elections
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: CLIR
Mkt Cap: $30.2M
1-Yr TSR: -32.9%
Board Rating: C

• Six nominees were elected to serve on the Board of Directors of ClearSign Technologies Corporation, while former director David M. Maley exited the Board.  (view source)

• 13D filed in the last 6 months
• Amended Filing (10-K/A)
• Cooperation Agreement
• Cooperation Agreement in the last 2 years
• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Limited external board experience
• Listing Rule Violation: Minimum Bid
• Negative Say-On-Pay Vote: 84% For
• Proxy Fight in the last 2 years
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: COMP
Mkt Cap: $4.1B
1-Yr TSR: 80.9%
Board Rating: C

• Kalani Reelitz is resigning as CFO effective August 22, 2025, and Scott Wahlers has been appointed as the new CFO effective the same date.  (view source)

• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Hot Seat Risk Score – CEO: Elevated (61)
• Internal Control Risk
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: CMPS
Mkt Cap: $407.0M
1-Yr TSR: -43.0%
Board Rating: C-

• On July 28, 2025, Justin Gover was appointed as a Class III director of COMPASS Pathways plc, effective July 29, 2025, while Linda McGoldrick announced her retirement from the Board effective October 31, 2025.  (view source)

• 13D filed in the last 6 months
• Bankruptcy Alert: 2 directors have bankruptcy histories (CMPS)
• Going Concern Risk Filings in the last year
• High Activist Vulnerability Risk Score (88)
• Ind. Accountant Resigned
• Negative Say-On-Pay Vote: 89% For
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: CVU
Mkt Cap: $44.5M
1-Yr TSR: 39.6%
Board Rating: B-

• Effective July 22, 2025, Pamela Levesque was appointed as Interim Chief Financial Officer and Secretary of CPI Aerostructures, Inc., while Philip Passarello resigned from the same positions.  (view source)

• CFO Tenure Was Under 2 Years: Philip Passarello
• Director Elections: < 95% average votes FOR
• Executive Termination(s) within the last year
• Gov Risk: Classified Board / Staggered Director Elections
• High CFO Turnover
• Immediate Resignation
• Ind. Accountant Resigned
• Internal Control Risk
• Limited external board experience
• Negative Say-On-Pay Vote: 77% For

Ticker: DJCO
Mkt Cap: $550.4M
1-Yr TSR: -14.2%
Board Rating: B

• The text discusses a demand for the resignation of the Company’s CEO and CFO, but does not disclose any specific people moves.  (view source)

• Deceased Person Disclosure
• Director Elections: < 95% average votes FOR
• Gov Risk: No lead independent director
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year

Ticker: DC
Mkt Cap: $402.8M
1-Yr TSR: 51.3%
Board Rating: C+

• Gerald Aberle is retiring from his position as a director of Dakota Gold Corp, effective August 8, 2025.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (DC)
• Director Elections: < 95% average votes FOR

Ticker: DHR
Mkt Cap: $141.2B
1-Yr TSR: -28.5%
Board Rating: B

• Brian W. Ellis will relinquish his role as General Counsel on August 25, 2025, and will continue as Senior Vice President until his retirement on February 28, 2026.  (view source)

• Deceased Person Disclosure
• Director Elections: < 95% average votes FOR
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• Pledging
• SEC No Action letter: Requests
• SEC No Action letter: Responses
• SEC No Action letter(s) in the last 2 years

Ticker: DXLG
Mkt Cap: $70.0M
1-Yr TSR: -65.1%
Board Rating: C+

• James Reath resigned as Chief Marketing Officer effective July 31, 2025.  (view source)

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Negative Say-On-Pay Vote: 89% For

Ticker: DXCM
Mkt Cap: $31.7B
1-Yr TSR: 19.1%
Board Rating: B

• On July 25, 2025, Kevin R. Sayer announced his retirement as CEO effective January 1, 2026, and will transition to Executive Chairman, while Jacob S. Leach was appointed as the new CEO effective the same date.  (view source)

• Class Action
• Gov Risk: Chairman is not independent
• Ind. Accountant Dismissed
• 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
• Significant Stock Drop(s) in past 2 years

Ticker: DMRC
Mkt Cap: $257.3M
1-Yr TSR: -62.7%
Board Rating: C-

• Rishi Bajaj was appointed to the Board of Directors of Digimarc Corporation on July 27, 2025, filling a vacancy created by an increase in the Board’s size.  (view source)

• 13D filed in the last 6 months
• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Cooperation Agreement
• Gov Risk: No lead independent director
• Immediate Resignation
• Limited external board experience
• Negative Say-On-Pay Vote: 84% For
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: DRTTF
Mkt Cap: $34.9M
1-Yr TSR: -41.4%

• On July 30, 2025, Adrian Zarate was appointed to the Board of Directors of DIRTT Environmental Solutions Ltd. as the nominee director for 22NW Fund, LP, succeeding Aron English.  (view source)

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Cooperation Agreement in the last 2 years
• High CFO Turnover
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: EHTH
Mkt Cap: $103.1M
1-Yr TSR: -36.0%
Board Rating: D

• Derrick Duke has been appointed as CEO of eHealth, Inc. effective immediately following Fran Soistman’s resignation, while Soistman will remain as an executive advisor during the transition period.  (view source)

• CFO Tenure Was Under 2 Years: John J Stelben
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (94)
• High CFO Turnover
• Immediate Resignation
• Negative Say-On-Pay Vote: 87% For
• Significant Stock Drop(s) in past 2 years
• Stock Alert: 52-week low at $3.35

Ticker: ELV
Mkt Cap: $63.7B
1-Yr TSR: -45.9%
Board Rating: B-

• Steven H. Collis was elected as an independent director of Elevance Health, Inc. effective August 1, 2025.  (view source)

• Class Action
• Gov Risk: Classified Board / Staggered Director Elections
• SEC No Action letter(s) in the last 2 years

Ticker: EU
Mkt Cap: $491.7M
1-Yr TSR: -32.3%
Board Rating: C

• Dain McCoig was appointed as Chief Operating Officer, and Shona Wilson will be departing as Chief Financial Officer.  (view source)

• Abnormally High 8-K Filings
• Director Elections: < 95% average votes FOR
• Gov Risk: Entrenched Board
• Internal Control Risk
• Limited external board experience
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: ETR
Mkt Cap: $39.0B
1-Yr TSR: 58.7%
Board Rating: B+

• On July 25, 2025, R. Lewis Ropp was elected to the Board of Directors of Entergy Corporation, effective August 15, 2025.  (view source)

• Gov Risk: Chairman is not independent
• SEC Investigation Related
• Stock Alert: All-time high at $90.43

Ticker: EPR
Mkt Cap: $4.2B
1-Yr TSR: 30.5%
Board Rating: B+

• On July 28, 2025, Gregory E. Zimmerman announced his intention to retire as Executive Vice President and Chief Investment Officer in early 2026, while Ben Fox will join as Executive Vice President in August 2025 and is expected to succeed Zimmerman as Chief Investment Officer.  (view source)

• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections

Ticker: ECG
Mkt Cap: $3.8B
1-Yr TSR: %

• Helena Hernandez was appointed to the Board of Directors of Everus Construction Group, Inc. on July 29, 2025.  (view source)

• Class Action
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: FFIV
Mkt Cap: $18.0B
1-Yr TSR: 53.9%
Board Rating: B+

• Alan J. Higginson is retiring from his role as Chair of the Board and will not stand for re-nomination as a director at the next Annual Meeting in Spring 2026.  (view source)

• SEC Correspondence in the last year
• SEC No Action letter: Requests
• SEC No Action letter: Responses
• SEC No Action letter(s) in the last 2 years
• Stock Alert: All-time high at $313.42
• Workforce Reduction

Ticker: FIVN
Mkt Cap: $2.0B
1-Yr TSR: -42.0%
Board Rating: C-

• Michael Burkland is retiring as CEO effective July 31, 2025, and Bryan Lee has been appointed as CFO effective the same date.  (view source)

• 13D filed in the last 6 months
• Abnormally High 8-K Filings
• Cooperation Agreement in the last 2 years
• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (100)
• Negative Say-On-Pay Vote: 83% For
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: FPAY
Mkt Cap: $22.5M
1-Yr TSR: -5.4%
Board Rating: C

• Denis Echtchenko resigned from the Board of Directors, and Steven Varner was appointed as a new director on July 27, 2025.  (view source)

• 13D filed in the last 6 months
• Director Elections: < 95% average votes FOR
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Limited external board experience
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: F
Mkt Cap: $44.1B
1-Yr TSR: 10.2%
Board Rating: C

• Kyle Crockett will become Chief Accounting Officer of Ford Motor Company effective July 31, 2025.  (view source)

• Abnormally High 8-K Filings
• Director Elections: < 95% average votes FOR
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Chairman is not independent
• Gov Risk: Multi-Class Shares
• High Activist Vulnerability Risk Score (85)
• High CFO Turnover
• 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: FULT
Mkt Cap: $3.3B
1-Yr TSR: -3.7%
Board Rating: C+

• Angela M. Snyder, President of Fulton Financial Corporation, is retiring on December 31, 2025.  (view source)

• CFO Tenure Was Under 2 Years: Beth Ann L Chivinski
• Gov Risk: Chairman is not independent
• High Activist Vulnerability Risk Score (77)
• Limited external board experience
• Workforce Reduction

Ticker: GLXY
Mkt Cap: $9.9B
1-Yr TSR: %

• On July 28, 2025, Doug Deason was appointed as a director of Galaxy Digital Inc.  (view source)

• Limited external board experience
• SEC Correspondence in the last year
• SEC Investigation Related
• Settlement Agreement
• Stock Alert: All-time high at $31.89

Ticker: GAP
Mkt Cap: $7.3B
1-Yr TSR: -14.7%
Board Rating: B

• Chris Blakeslee is exiting as President and CEO of Athleta, while Maggie Gauger is entering as the new President and CEO of Athleta.  (view source)

• 13D filed in the last 6 months
• Bankruptcy Alert: 1 director has a bankruptcy history (GAP)
• Gov Risk: Entrenched Board
• Gov Risk: No lead independent director
• Significant Stock Drop(s) in past 2 years

Ticker: GLP
Mkt Cap: $1.8B
1-Yr TSR: 39.5%
Board Rating: B+

• On May 25, 2025, Thomas P. Jalkut was appointed to the Board of Directors of Global GP LLC following the passing of Richard Slifka, Chairman of the Board.  (view source)

• Abnormally High 8-K Filings
• Cyber Incident(s) within the last year
• High CFO Turnover
• Limited external board experience

Ticker: GEG
Mkt Cap: $57.6M
1-Yr TSR: 12.6%
Board Rating: C

• On July 31, 2025, Lloyd Nathan was elected to serve as a director of Great Elm Group, Inc.  (view source)

• 13D filed in the last 6 months
• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Ind. Accountant Dismissed

Ticker: GWRE
Mkt Cap: $19.0B
1-Yr TSR: 50.7%
Board Rating: B+

• David Peterson has been appointed as the principal accounting officer of Guidewire Software, Inc. effective July 24, 2025.  (view source)

• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections

Ticker: GXO
Mkt Cap: $5.7B
1-Yr TSR: -11.2%
Board Rating: C-

• On July 29, 2025, Patrick J. Byrne was appointed as an independent director of GXO Logistics, Inc., and on July 30, 2025, Michael Kneeland was also appointed as an independent director, while Jason Papastavrou resigned from the Board.  (view source)

• Director Elections: < 95% average votes FOR
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (93)
• Negative Say-On-Pay Vote: 89% For
• Overboarding
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: HIT
Mkt Cap: $113.2M
1-Yr TSR: %

• On July 22, 2025, Chris Kurtenbach was terminated from his position as Chief Operating Officer at Health In Tech, Inc.  (view source)

• Limited external board experience
• Listing Rule Violation: Minimum Bid
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: HTBK
Mkt Cap: $569.8M
1-Yr TSR: -5.8%
Board Rating: C-

• Robertson Clay Jones, Thomas A. Sa, and Seth Fonti are attending an investor conference from July 28 to July 30, 2025.  (view source)

• CFO Tenure Was Under 2 Years: Thomas A Sa
• High Activist Vulnerability Risk Score (84)
• Limited external board experience

Ticker: HTZ
Mkt Cap: $2.0B
1-Yr TSR: 57.1%
Board Rating: C-

• Mark Kosman will join Hertz Global Holdings as Chief Accounting Officer effective September 1, 2025, while Katherine Lee Martin will resign from her role as Executive Vice President, General Counsel, and Secretary effective August 15, 2025.  (view source)

• 13D filed in the last 6 months
• Bankruptcy Alert: 1 director has a bankruptcy history (HTZ)
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: No lead independent director
• High CFO Turnover
• Negative Say-On-Pay Vote: 84% For
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: HTH
Mkt Cap: $1.9B
1-Yr TSR: -8.3%
Board Rating: C-

• Gerald J. Ford transitioned from a member of the Board of Directors to Chairman Emeritus and subsequently resigned from that position.  (view source)

• 13D filed in the last 6 months
• Bankruptcy Alert: 2 directors have bankruptcy histories (HTH)
• Cyber Incident(s) within the last year
• Director Elections: < 95% average votes FOR
• Failed Say-On-Pay Vote: 42% For
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• Gov Risk: More than one Director over 75
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (87)
• Overboarding

Ticker: HII
Mkt Cap: $10.9B
1-Yr TSR: 2.1%
Board Rating: B-

• Nick L. Stanage was elected to the Board of Directors of Huntington Ingalls Industries, Inc. on July 29, 2025.  (view source)

• Bankruptcy Alert: 2 directors have bankruptcy histories (HII)
• Gov Risk: Entrenched Board
• Significant Stock Drop(s) in past 2 years

Ticker: IMA
Mkt Cap: $72.0M
1-Yr TSR: -11.2%
Board Rating: C

• Several personnel changes occurred following the closing of the Merger, including appointments of new executive officers and board members, as well as resignations of existing directors and officers.  (view source)

• 13D filed in the last 6 months
• Bankruptcy Alert: 1 director has a bankruptcy history (IMA)
• Director Elections: < 95% average votes FOR
• Executive Termination(s) within the last year
• Gov Risk: Classified Board / Staggered Director Elections
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: INGN
Mkt Cap: $169.7M
1-Yr TSR: -31.8%
Board Rating: C

• On July 24, 2025, Inogen, Inc. appointed Jennifer Yi Boyer as an Executive Officer and Mary Wright as Chief Accounting Officer, both effective July 28, 2025.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (INGN)
• Bankruptcy Alert: Current CEO has bankruptcy history (INGN)
• Cyber Incident(s) within the last year
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• High CFO Turnover
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: NSPR
Mkt Cap: $85.5M
1-Yr TSR: -3.1%
Board Rating: C-

• Raymond W. Cohen has been appointed as a Class 3 member of the Board of Directors, effective July 31, 2025.  (view source)

• Going Concern Risk Filings in the last year
• Gov Risk: More than one Director over 75
• Gov Risk: No lead independent director
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: IFF
Mkt Cap: $18.2B
1-Yr TSR: -27.2%
Board Rating: C-

• On July 29, 2025, Jesus Mantas and Paul Fribourg were appointed to the board of directors of International Flavors & Fragrances Inc.  (view source)

• Bankruptcy Alert: 2 directors have bankruptcy histories (IFF)
• High Activist Vulnerability Risk Score (94)
• High CFO Turnover
• Negative Say-On-Pay Vote: 84% For
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: KALU
Mkt Cap: $1.3B
1-Yr TSR: 2.6%
Board Rating: C+

• Kevin W. Williams is resigning as a director of Kaiser Aluminum Corporation, effective August 1, 2025.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (KALU)
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections

Ticker: KTB
Mkt Cap: $3.1B
1-Yr TSR: -18.3%
Board Rating: B

• On July 29, 2025, Kontoor Brands, Inc. announced several personnel changes including Joseph A. Alkire transitioning to a new role and Jennifer H. Broyles entering a new position, while Thomas E. Waldron is stepping down from his current role but will remain with the company in a non-executive capacity.  (view source)

• Gov Risk: Chairman is not independent
• Workforce Reduction

Ticker: LADX
Mkt Cap: $400,000
1-Yr TSR: -95.1%

• On July 28, 2025, several members of LADRX Corporation’s Board of Directors and executive team resigned, including Jennifer Simpson, Cary Claiborne, Stephen Snowdy, and John Caloz.  (view source)

• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Gov Risk: Classified Board / Staggered Director Elections
• Negative Say-On-Pay Vote: 80% For
• Significant Stock Drop(s) in past 2 years

Ticker: LTRN
Mkt Cap: $47.9M
1-Yr TSR: 5.7%
Board Rating: C

• On July 24, 2025, Lee T. Schalop, M.D. was appointed to the Board of Directors of Lantern Pharma Inc.  (view source)

• 13D filed in the last 6 months
• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: LASE
Mkt Cap: $39.8M
1-Yr TSR: 44.0%
Board Rating: C-

• On July 25, 2025, John Armstrong resigned as Executive Vice President, and Matthew Nigron was appointed as Acting VP of Marketing.  (view source)

• Amended Filing (10-Q/A)
• Failed to File Annual/Quarterly Report
• Going Concern Risk Filings in the last year
• Gov Risk: More than one Director over 75
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Limited external board experience
• Non-Reliance / Restatement Filed
• Non-Reliance / Restatement in last year
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: LFMD
Mkt Cap: $473.1M
1-Yr TSR: 46.0%
Board Rating: A

• Shayna Webb Dray has been appointed as the Chief Operating Officer of LifeMD, Inc. effective March 27, 2025.  (view source)

• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: No lead independent director
• Ind. Accountant Resigned
• Internal Control Risk
• Limited external board experience
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: LDI
Mkt Cap: $524.6M
1-Yr TSR: -21.3%
Board Rating: D

• On July 27, 2025, Anthony Hsieh was appointed as Chief Executive Officer and President of loanDepot, Inc.  (view source)

• 13D filed in the last 6 months
• Abnormally High 8-K Filings
• Bankruptcy Alert: 1 director has a bankruptcy history (LDI)
• Cooperation Agreement
• Cooperation Agreement in the last 2 years
• Cyber Incident(s) within the last year
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Entrenched Board
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (96)
• SEC Correspondence in the last year

Ticker: LYRA
Mkt Cap: $8.9M
1-Yr TSR: -58.8%
Board Rating: C-

• On August 1, 2025, Harlan W. Waksal, M.D. exited as Executive Chairman and resigned from the Board of Directors, while Maria Palasis, Ph.D. entered as Chair of the Board.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (LYRA)
• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Entrenched Board
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: MNKTQ
Mkt Cap: $4.5M
1-Yr TSR: %

• Several individuals were appointed to Mallinckrodt’s Board of Directors, effective July 31, 2025, following the consummation of the Transactions, including Leslie Donato, Paul Efron, and others, while some directors resigned.  (view source)

• 13D filed in the last 6 months
• Cooperation Agreement
• Going Concern Risk Filings in the last year
• SEC Investigation Related
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: MUX
Mkt Cap: $548.5M
1-Yr TSR: 7.6%
Board Rating: C+

• The text discusses several people moves related to McEwen Inc. and Canadian Gold Corp, including conflicts of interest among directors.  (view source)

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: No lead independent director
• Internal Control Risk
• Limited external board experience
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: MET
Mkt Cap: $51.0B
1-Yr TSR: 1.7%
Board Rating: B-

• Adrienne O’Neill has been appointed as Executive Vice President and Chief Accounting Officer at MetLife, effective September 2, 2025, succeeding Toby Srihiran Brown who will continue as Executive Vice President and Global Head of Reinsurance.  (view source)

• 13D filed in the last 6 months
• Abnormally High 8-K Filings
• High Activist Vulnerability Risk Score (82)
• SEC No Action letter(s) in the last 2 years

Ticker: MCVT
Mkt Cap: $33.6M
1-Yr TSR: 116.4%
Board Rating: C-

• Lyle Berman resigned from the Board, while Marius Barnett and Dana Wagner were appointed as new Board members.  (view source)

• 13D filed in the last 6 months
• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Deceased Person Disclosure
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Entrenched Board
• Internal Control Risk
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time high at $6.65

Ticker: MSM
Mkt Cap: $4.8B
1-Yr TSR: 1.4%
Board Rating: C

• Kristen Actis-Grande is resigning as Executive Vice President and CFO, effective August 8, 2025, and Greg Clark is appointed as interim CFO, also effective August 8, 2025.  (view source)

• Gov Risk: Entrenched Board
• Gov Risk: Multi-Class Shares
• Internal Control Risk
• Workforce Reduction

Ticker: NAOV
Mkt Cap: $2.1M
1-Yr TSR: -90.0%
Board Rating: D

• On July 24, 2025, Rita Silberberg was appointed as Executive Vice President of Finance and Chief Accounting Officer, and also as Corporate Secretary of NanoVibronix, Inc.  (view source)

• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• High Activist Vulnerability Risk Score (97)
• Immediate Resignation
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Limited external board experience
• Merger Agreement
• Negative Say-On-Pay Vote: 70% For
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: NTHI
Mkt Cap: $93.2M
1-Yr TSR: %

• Dr. Ishwar K. Puri will be appointed to the Board of Directors of NeOnc Technologies Holdings, Inc. in connection with a proposed transaction.  (view source)

• 13D filed in the last 6 months
• Going Concern Risk Filings in the last year
• Gov Risk: More than one Director over 75
• Ind. Accountant Resigned
• Internal Control Risk
• Limited external board experience
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: NTGR
Mkt Cap: $669.2M
1-Yr TSR: 46.4%
Board Rating: B-

• Jonathan Oakes was appointed as Senior Vice President of Home Networking at NETGEAR, Inc. on June 2, 2025.  (view source)

• Executive Termination(s) within the last year
• Negative Say-On-Pay Vote: 69% For
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: NEXM
Mkt Cap: $114.5M
1-Yr TSR: %

• On July 23, 2025, Philipa Varris was appointed to the Board of Directors of NexMetals Mining Corp. as an independent director and Chair of the Sustainability Committee, succeeding Norman MacDonald, who retired on the same day.  (view source)

• Amended Filing (10-Q/A)
• Amended Filings (10-Q/A) within the last year
• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Limited external board experience
• SEC Correspondence in the last year
• Stock Alert: All-time low at $5.27

Ticker: NXRT
Mkt Cap: $790.9M
1-Yr TSR: -25.0%
Board Rating: B+

• James Dondero’s resignation from the board was rejected by the Board, allowing him to continue serving until the 2026 annual meeting.  (view source)

• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: More than one Director over 75
• Pledging
• Stock Alert: 52-week low at $31.18

Ticker: NIXX
Mkt Cap: $32.7M
1-Yr TSR: -26.2%
Board Rating: D

• On July 23, 2025, Mike Schmidt was appointed as a member of the Board of Directors and has been serving as the CEO since May 7, 2025.  (view source)

• Abnormally High 8-K Filings
• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Going Concern Risk Filings in the last year
• Hot Seat Risk Score – CEO: Elevated (75)
• Ind. Accountant Resigned
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Limited external board experience
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: NNN
Mkt Cap: $7.8B
1-Yr TSR: -4.2%
Board Rating: B-

• Joshua P. Lewis was promoted to Executive Vice President, Chief Investment Officer at NNN REIT, Inc. effective August 1, 2025.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (NNN)
• Cyber Incident(s) within the last year

Ticker: NSC
Mkt Cap: $62.4B
1-Yr TSR: 13.9%
Board Rating: C

• Norfolk Southern Corporation will see three of its directors, including Mark George and Richard Anderson, appointed to Union Pacific’s Board of Directors following a merger.  (view source)

• Abnormally High 8-K Filings
• Cooperation Agreement
• Cooperation Agreement in the last 2 years
• Immediate Resignation
• Merger Agreement
• Proxy Fight in the last 2 years
• Workforce Reduction

Ticker: NWBI
Mkt Cap: $1.5B
1-Yr TSR: -11.5%
Board Rating: C

• Richard Grafmyre was appointed to the boards of directors of Northwest and Northwest Bank following the merger with Penns Woods.  (view source)

• Gov Risk: Classified Board / Staggered Director Elections
• Limited external board experience
• Merger Agreement
• Negative Say-On-Pay Vote: 79% For
• Pledging
• SEC Correspondence in the last year

Ticker: ODYS
Mkt Cap: $76.3M
1-Yr TSR: %

• Jacob Avinu has been appointed as Senior VP – Head of U.S. Business Unit, effective August 1, 2025.  (view source)

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Limited external board experience
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time low at $4.51

Ticker: OEC
Mkt Cap: $545.8M
1-Yr TSR: -60.5%
Board Rating: C

• On July 30, 2025, Jeff Glajch, the Chief Financial Officer of Orion S.A., announced his intention to retire effective early in the fourth quarter of 2025.  (view source)

• Cyber Incident(s) within the last year
• High Activist Vulnerability Risk Score (77)
• High CFO Turnover
• Internal Control Risk
• Significant Stock Drop(s) in past 2 years
• Stock Alert: 52-week low at $9.70

Ticker: PD
Mkt Cap: $1.5B
1-Yr TSR: -23.0%
Board Rating: D

• On July 25, 2025, Paul Underwood was appointed as the principal accounting officer of PagerDuty, Inc., transitioning from his role as Chief Accounting Officer.  (view source)

• Cooperation Agreement
• Cooperation Agreement in the last 2 years
• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Hot Seat Risk Score – CEO: Elevated (62)
• Negative Say-On-Pay Vote: 77% For
• SEC Correspondence in the last year
• Workforce Reduction

Ticker: PRK
Mkt Cap: $2.6B
1-Yr TSR: -6.0%
Board Rating: C+

• Matthew R. Miller has been elected as the new CEO of Park National Corporation, succeeding David L. Trautman, effective January 1, 2026, while Trautman will remain as Chair of the Board.  (view source)

• 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
• Gov Risk: More than one Director over 75
• Limited external board experience

Ticker: PNBK
Mkt Cap: $119.0M
1-Yr TSR: -5.5%
Board Rating: D

• Alfred Botta is resigning from his role as Executive Vice President and Chief Payments Officer at Patriot Bank, effective August 7, 2025.  (view source)

• 13D filed in the last 6 months
• CEO Tenure Was Under 2 Years: David Christopher Lowery
• CFO Tenure Was Under 2 Years: David Finn
• Director Elections: < 95% average votes FOR
• High Activist Vulnerability Risk Score (86)
• Late Filings (NT 10-K / NT 10-Q) within the last year
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: PENG
Mkt Cap: $1.2B
1-Yr TSR: .7%
Board Rating: B

• On July 28, 2025, Pete Manca exited his role as Senior Vice President and President, Advanced Computing, while Tony Frey and Ted Gillick are entering new roles as Senior Vice President and Chief Revenue Officer and Senior Vice President of Strategy and Corporate Development, respectively.  (view source)

• Cyber Incident(s) within the last year
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• High CFO Turnover
• Workforce Reduction

Ticker: PETS
Mkt Cap: $64.4M
1-Yr TSR: -17.7%
Board Rating: C-

• Diana Garvis Purcel resigned from the Board of PetMed Express, Inc. effective July 24, 2025, and Leslie C.G. Campbell was appointed to the Audit Committee and as Chair of the Audit Committee.  (view source)

• 13D filed in the last 6 months
• Bankruptcy Alert: 1 director has a bankruptcy history (PETS)
• Director Elections: < 95% average votes FOR
• High CFO Turnover
• Immediate Resignation
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Significant Stock Drop(s) in past 2 years

Ticker: PBI
Mkt Cap: $2.1B
1-Yr TSR: 76.9%
Board Rating: A+

• On July 28, 2025, Paul Evans was appointed as EVP, Chief Financial Officer and Treasurer, Peter Brimm was appointed as a director of the Board, and Robert Gold departed from the Company.  (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: Bob Gold
• 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: PJT
Mkt Cap: $4.4B
1-Yr TSR: 35.3%
Board Rating: A

• On July 30, 2025, Peter L.S. Currie was appointed as a director of PJT Partners Inc., increasing the Board size to eight members.  (view source)

• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Entrenched Board
• Gov Risk: More than one Director over 75
• Gov Risk: Multi-Class Shares
• Limited external board experience
• Stock Alert: All-time high at $186.02

Ticker: PSIX
Mkt Cap: $2.2B
1-Yr TSR: 594.4%
Board Rating: A

• Kenneth W. Landini resigned from the Board of Directors effective July 23, 2025.  (view source)

• 13D filed in the last 6 months
• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Going Concern Risk Filings in the last year
• Internal Control Risk
• Limited external board experience
• SEC Investigation Related
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time high at $93.75

Ticker: PG
Mkt Cap: $352.8B
1-Yr TSR: -4.0%
Board Rating: B-

• On July 28, 2025, Procter & Gamble announced executive changes involving Jon Moeller transitioning to Executive Chairman and Shailesh Jejurikar being elected as CEO.  (view source)

• Gov Risk: Chairman is not independent
• Overboarding
• SEC No Action letter: Requests
• SEC No Action letter: Responses
• SEC No Action letter(s) in the last 2 years
• Stock Alert: 52-week low at $150.47
• Workforce Reduction

Ticker: PSA
Mkt Cap: $47.7B
1-Yr TSR: -4.5%
Board Rating: B+

• On July 30, 2025, Luke Petherbridge was appointed to the Board of Trustees of Public Storage, effective immediately.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (PSA)
• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board

Ticker: PSD
Mkt Cap: $3.9B
1-Yr TSR: 19.2%

• Effective August 1, 2025, Adam Friedrichsen was appointed as a Director on the boards of Puget Energy, Inc. and Puget Sound Energy, Inc., replacing Jenine Krause who resigned on the same day.  (view source)

• SEC Correspondence in the last year

Ticker: RMD
Mkt Cap: $39.9B
1-Yr TSR: 28.7%
Board Rating: B+

• Bobby Ghoshal, Chief Commercial Officer, is resigning effective August 1, 2025, to pursue a new opportunity.  (view source)

• Director Elections: < 95% average votes FOR
• 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
• Gov Risk: More than one Director over 75
• Negative Say-On-Pay Vote: 84% For
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: RBLX
Mkt Cap: $93.5B
1-Yr TSR: 231.9%
Board Rating: B-

• On July 28, 2025, Manuel Bronstein announced his resignation as Chief Product Officer, effective September 30, 2025, while remaining as an advisor until April 13, 2026.  (view source)

• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Entrenched Board
• Gov Risk: Multi-Class Shares
• Limited external board experience
• Section 220 Disclosure
• Short Report: Hindenburg Research
• Short Report: Hunterbrook Media
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time high at $137.79

Ticker: ROKU
Mkt Cap: $13.8B
1-Yr TSR: 61.8%
Board Rating: C-

• On July 28, 2025, Dan Jedda was appointed as Chief Financial Officer and Chief Operating Officer of Roku, Inc.  (view source)

• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Multi-Class Shares
• Gov Risk: No lead independent director
• Negative Say-On-Pay Vote: 78% For
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: SHOT
Mkt Cap: $59.4M
1-Yr TSR: -1.3%
Board Rating: D

• Danielle De Rosa resigned as CFO on July 25, 2025, and Markita L. Russel was appointed as CFO effective July 30, 2025.  (view source)

• Abnormally High 8-K Filings
• Bankruptcy Alert: 1 director has a bankruptcy history (SHOT)
• CFO Tenure Was Under 2 Years: Danielle De Rosa
• Going Concern Risk Filings in the last year
• High CFO Turnover
• Limited external board experience
• Listing Rule Violation: Minimum Bid
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: SAGE
Mkt Cap: $545.0M
1-Yr TSR: -19.6%
Board Rating: C-

• Several directors and officers resigned from the Company, and new directors and officers from Purchaser took their places as of the Effective Time.  (view source)

• 13D filed in the last 6 months
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (84)
• Merger Agreement
• Negative Say-On-Pay Vote: 76% For
• Overboarding
• SEC Investigation Related
• SEC No Action letter(s) in the last 2 years
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: SNWV
Mkt Cap: $329.1M
1-Yr TSR: %

• Nanci Gilmore was terminated from her role as Chief Commercial Officer of Sanuwave Health, Inc. on May 30, 2025, and subsequently entered into a Separation and Release Agreement with the company on July 28, 2025.  (view source)

• Executive Termination(s) within the last year
• Going Concern Risk Filings in the last year
• Ind. Accountant Resigned
• Internal Control Risk
• Limited external board experience
• SEC Correspondence in the last year
• Settlement Agreement

Ticker: STX
Mkt Cap: $33.3B
1-Yr TSR: 57.9%
Board Rating: B+

• Dr. Dave Mosley will transition to Chairman of the Board, while Michael R. Cannon will become Lead Independent Director.  (view source)

• Abnormally High 8-K Filings
• Bankruptcy Alert: 1 director has a bankruptcy history (STX)
• Director Elections: < 95% average votes FOR
• SEC Correspondence in the last year
• Settlement Agreement
• Stock Alert: All-time high at $157.01
• Workforce Reduction

Ticker: SIGI
Mkt Cap: $4.7B
1-Yr TSR: -12.2%
Board Rating: C+

• Wole Coaxum resigned from the Board of Directors of Selective Insurance Group, effective immediately on July 30, 2025.  (view source)

• CFO Tenure Was Under 2 Years: Anthony D. Harnett
• Gov Risk: Chairman is not independent
• High Activist Vulnerability Risk Score (88)
• Immediate Resignation
• Significant Stock Drop(s) in past 2 years
• Stock Alert: 52-week low at $75.00
• Workforce Reduction

Ticker: SHEN
Mkt Cap: $805.3M
1-Yr TSR: -30.6%
Board Rating: C

• On July 29, 2025, Christopher E. French was appointed as Executive Chairman, and Edward H. McKay was appointed as President and CEO of Shenandoah Telecommunications Company, both effective September 1, 2025.  (view source)

• 13D filed in the last 6 months
• 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
• Limited external board experience
• Pledging
• Significant Stock Drop(s) in past 2 years

Ticker: SHPH
Mkt Cap: $1.6M
1-Yr TSR: -95.4%
Board Rating: D

• Peter Dritschilo resigned as President, Chief Operating Officer, and Secretary of Shuttle Pharmaceuticals Holdings, Inc. on July 24, 2025.  (view source)

• Abnormally High 8-K Filings
• Amended Filings (10-Q/A, 10-K/A) within the last year
• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• High Activist Vulnerability Risk Score (82)
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Limited external board experience
• Negative Say-On-Pay Vote: 84% For
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: SGMA
Mkt Cap: $18.4M
1-Yr TSR: -38.3%
Board Rating: C

• On July 28, 2025, several directors resigned from SigmaTron’s board, and three new members were appointed as part of a merger.  (view source)

• Amended Filings (10-K/A) within the last year
• Going Concern Risk Filings in the last year
• Gov Risk: Entrenched Board
• High CFO Turnover
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Limited external board experience
• Merger Agreement
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: SIG
Mkt Cap: $3.3B
1-Yr TSR: -4.7%
Board Rating: B-

• On July 31, 2025, Signet Jewelers Limited announced the appointments of Julie Yoakum as President of Kay Jewelers and Peoples Jewellers, Stacee Johnson-Williams as Chief Merchandise Operations and Sourcing Officer, and Lisa Laich as Chief Marketing Officer.  (view source)

• 13D filed in the last 6 months
• Bankruptcy Alert: 1 director has a bankruptcy history (SIG)
• Director Elections: < 95% average votes FOR
• SEC Correspondence in the last year
• Short Report: The Bear Cave
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: SCCO
Mkt Cap: $75.0B
1-Yr TSR: -8.1%
Board Rating: B

• On July 24, 2025, Patricio Ovejas Simon was appointed as the new Executive Vice President of Southern Copper Corporation.  (view source)

• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Entrenched Board
• Limited external board experience

Ticker: SPGI
Mkt Cap: $168.6B
1-Yr TSR: 14.5%
Board Rating: B

• Bill Eager has been appointed as President of S&P Global Mobility and CEO designate effective August 15, 2025.  (view source)

• CFO Tenure Was Under 2 Years: Christopher Craig
• Negative Say-On-Pay Vote: 68% For
• SEC No Action letter: Requests
• SEC No Action letter: Responses
• SEC No Action letter(s) in the last 2 years
• Stock Alert: All-time high at $551.10
• Workforce Reduction

Ticker: SSII
Mkt Cap: $1.3B
1-Yr TSR: %

• Arvind Palaniappan stepped down as Interim Chief Financial Officer, and Dr. Vishwajyoti P. Srivastava will take on the additional role of Chief Financial Officer effective July 23, 2025.  (view source)

• Abnormally High 8-K Filings
• Amended Filing (10-Q/A)
• Amended Filings (10-Q/A, 10-K/A) within the last year
• CFO Tenure Was Under 2 Years: Arvind Palaniappan
• Cyber Incident(s) within the last year
• Going Concern Risk Filings in the last year
• Gov Risk: More than one Director over 75
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Limited external board experience
• Non-Reliance / Restatement in last year
• Significant Stock Drop(s) in past 2 years

Ticker: SARO
Mkt Cap: $9.5B
1-Yr TSR: %

• Derek J. Kerr was elected as a Class III director and appointed to the Audit Committee of StandardAero, Inc.  (view source)

• Ind. Accountant Dismissed
• Internal Control Risk
• SEC Correspondence in the last year

Ticker: SYRA
Mkt Cap: $1.2M
1-Yr TSR: -91.1%

• Deepika Vuppalanchi resigned from the Board of Directors of Syra Health Corp. on July 28, 2025.  (view source)

• CEO Tenure Was Under 2 Years: Priya Prasad
• Deceased Person Disclosure
• Going Concern Risk Filings in the last year
• Listing Rule Violation: Minimum Bid
• Listing Rule Violation: Minimum Stockholder Equity
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: TBN
Mkt Cap: $290.6M
1-Yr TSR: -16.2%
Board Rating: C

• On July 27, 2025, Joel Riddle resigned as CEO and from the Board, John Bell Sr. retired from the Board, and Dick Stoneburner was appointed interim CEO, while Scott D. Sheffield and Phillip Z. Pace were appointed as new directors.  (view source)

• 13D filed in the last 6 months
• Bankruptcy Alert: 1 director has a bankruptcy history (TBN)
• CEO Tenure Was Under 2 Years: Joel Riddle
• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Immediate Resignation
• Internal Control Risk

Ticker: TGEN
Mkt Cap: $244.5M
1-Yr TSR: ###.#%
Board Rating: B

• Dr. Abinand Rangesh resigned as CFO and Treasurer, and Mr. Roger P. Deschenes was appointed as the new CFO and Treasurer, while Dr. Rangesh continues as CEO and Director.  (view source)

• Cyber Incident(s) within the last year
• Gov Risk: Entrenched Board
• Gov Risk: More than one Director over 75
• High CFO Turnover
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: TLYS
Mkt Cap: $54.0M
1-Yr TSR: -69.5%
Board Rating: C-

• Nathan Smith has been appointed as President and CEO of Tilly’s, Inc. and also as a director on the Board, while Hezy Shaked will transition to Executive Chairman of the Board.  (view source)

• 13D filed in the last 6 months
• Bankruptcy Alert: 1 director has a bankruptcy history (TLYS)
• CEO Tenure Was Under 2 Years: Hezy Shaked
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Multi-Class Shares
• High Activist Vulnerability Risk Score (83)
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: MODG
Mkt Cap: $1.7B
1-Yr TSR: -43.9%
Board Rating: C-

• Arthur F. Starrs is resigning as CEO of Topgolf Callaway Brands Corp. to accept a CEO position with another company, effective July 29, 2025, and will assist with the transition until September 2025.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (MODG)
• Gov Risk: Entrenched Board
• High Activist Vulnerability Risk Score (95)
• Significant Stock Drop(s) in past 2 years

Ticker: TFIN
Mkt Cap: $1.3B
1-Yr TSR: -37.5%
Board Rating: B-

• Melissa Forman-Barenblit exited her role as an executive officer of Triumph Financial, Inc. and entered into a Separation Agreement with TBK Bank effective July 25, 2025.  (view source)

• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Entrenched Board
• High Activist Vulnerability Risk Score (81)
• Negative Say-On-Pay Vote: 71% For
• SEC Correspondence in the last year

Ticker: TTMI
Mkt Cap: $4.8B
1-Yr TSR: 143.8%
Board Rating: B

• Thomas T. Edman, the President and CEO of TTM Technologies, Inc., has announced his intention to retire following the appointment of his successor, while remaining on the Board.  (view source)

• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Entrenched Board
• SEC Correspondence in the last year
• Stock Alert: All-time high at $48.73

Ticker: UNH
Mkt Cap: $226.4B
1-Yr TSR: -55.9%
Board Rating: C+

• Wayne S. DeVeydt has been appointed as Chief Financial Officer, effective September 2, 2025, while John F. Rex will transition to a Strategic Advisor role on the same date.  (view source)

• Cyber Incident(s) within the last year
• Director Elections: < 95% average votes FOR
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Entrenched Board
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (90)
• Immediate Resignation
• Negative Say-On-Pay Vote: 60% For
• SEC Correspondence in the last year
• SEC No Action letter(s) in the last 2 years
• Significant Stock Drop(s) in past 2 years
• Stock Alert: 52-week low at $249.56

Ticker: UUU
Mkt Cap: $7.8M
1-Yr TSR: 129.9%
Board Rating: C+

• Cary Luskin resigned from the Board of Directors of Universal Safety Products, Inc. effective July 28, 2025.  (view source)

• 13D filed in the last 6 months
• Director Elections: < 95% average votes FOR
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Entrenched Board
• Gov Risk: More than one Director over 75
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Negative Say-On-Pay Vote: 58% For
• Significant Stock Drop(s) in past 2 years

Ticker: VIAV
Mkt Cap: $2.2B
1-Yr TSR: 25.0%
Board Rating: C

• Richard Burns and Eugenia Corrales were appointed as independent directors of Viavi Solutions Inc. on July 24, 2025.  (view source)

• Bankruptcy Alert: 2 directors have bankruptcy histories (VIAV)
• Gov Risk: Entrenched Board
• High CFO Turnover
• Workforce Reduction

Ticker: VIRT
Mkt Cap: $6.8B
1-Yr TSR: 65.9%
Board Rating: C

• Aaron Simons has been appointed as CEO and elected to the Board, succeeding Douglas A. Cifu, who will transition to a consultant role.  (view source)

• 13D filed in the last 6 months
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Multi-Class Shares
• Gov Risk: No lead independent director
• High CFO Turnover
• SEC Investigation Related
• Section 220 Disclosure

Ticker: WBD
Mkt Cap: $32.6B
1-Yr TSR: 52.3%
Board Rating: D

• On July 28, 2025, Warner Bros. Discovery, Inc. announced the appointment of Fraser Woodford as CFO and Brian Rauch as Chief Accounting Officer, both effective upon completion of the Separation.  (view source)
• Bruce Campbell will transition to COO of Warner Bros. upon completion of the Separation, while JB Perrette will become President and CEO, Global Streaming and Games of Warner Bros.  (view source)

• 13D filed in the last 6 months
• Class Action
• Director Elections: < 95% average votes FOR
• Failed Say-On-Pay Vote: 40% For
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Entrenched Board
• High Activist Vulnerability Risk Score (100)
• Overboarding
• SEC Correspondence in the last year
• SEC No Action letter(s) in the last 2 years
• Significant Stock Drop(s) in past 2 years

Ticker: WCN
Mkt Cap: $48.1B
1-Yr TSR: 5.5%
Board Rating: B

• Darrell W. Chambliss is retiring from his position as Executive Vice President and Chief Operating Officer and will transition to a new role as Senior Advisor.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (WCN)
• Gov Risk: Chairman is not independent
• Settlement Agreement

Ticker: WFC
Mkt Cap: $262.4B
1-Yr TSR: 39.1%
Board Rating: C+

• On July 29, 2025, Charles W. Scharf was awarded a one-time equity award by the Board of Directors of Wells Fargo & Company to retain him as CEO.  (view source)

• Abnormally High 8-K Filings
• Overboarding
• SEC Investigation Related
• Settlement Agreement
• Stock Alert: All-time high at $84.32

Ticker: WU
Mkt Cap: $2.6B
1-Yr TSR: -25.8%
Board Rating: C-

• Ben Hawksworth was appointed Chief Operating Officer of The Western Union Company, effective July 22, 2025.  (view source)

• Bankruptcy Alert: 2 directors have bankruptcy histories (WU)
• Failed Say-On-Pay Vote: 45% For
• High Activist Vulnerability Risk Score (81)

Ticker: WEYS
Mkt Cap: $278.5M
1-Yr TSR: -9.1%
Board Rating: A-

• Becky Kryger has been appointed as an independent director of Weyco Group, Inc., effective July 31, 2025.  (view source)

• Director Elections: < 95% average votes FOR
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• Gov Risk: More than one Director over 75
• Gov Risk: No lead independent director
• Ind. Accountant Dismissed
• Internal Control Risk

Ticker: XNCR
Mkt Cap: $592.1M
1-Yr TSR: -59.3%
Board Rating: C

• On July 31, 2025, Raymond J. Deshaies, Ph.D. was appointed as a new member of the Board of Directors of Xencor, Inc.  (view source)

• Amended Filing (10-K/A)
• Amended Filing (10-Q/A)
• High Activist Vulnerability Risk Score (85)
• Internal Control Risk
• Non-Reliance / Restatement Filed
• Non-Reliance / Restatement in last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: ZBRA
Mkt Cap: $17.2B
1-Yr TSR: -3.5%
Board Rating: C

• On July 25, 2025, Ms. Mary McDowell was appointed as a Class I director and a member of the Audit Committee of Zebra Technologies Corporation.  (view source)

• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (94)
• Settlement Agreement
• Short Report: Spruce Point Management

Ticker: ZYXI
Mkt Cap: $67.4M
1-Yr TSR: -75.2%
Board Rating: B

• Dan Moorhead is resigning as CFO effective August 29, 2025, and will enter into a consulting agreement, while the company will seek a new CFO with the help of Thomas Sandgaard and Steven Dyson.  (view source)

• Amended Filings (10-Q/A, 10-K/A) within the last year
• Going Concern Risk Filings in 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
• Gov Risk: No new Directors in last 5 years
• Internal Control Risk
• Limited external board experience
• SEC Investigation Related
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction