Executive Moves Update – October 17, 2025

by | Oct 17, 2025

About the Weekly
Each week, Boardroom Alpha tracks the most notable executive moves across U.S. public companies—highlighting key leadership changes that may signal strategic shifts, governance challenges, or opportunities for investors. From CEO transitions to CFO appointments and board resignations, our weekly update offers a quick pulse on the evolving leadership landscape in corporate America.

This Week in the Boardroom: CEO Transitions, CFO Shakeups, and New Board Leadership

The third week of October 2025 brought a wave of significant executive transitions across US public companies, with CFO changes dominating the landscape and several notable CEO departures signaling strategic shifts at major corporations. This week’s movements reflect both planned successions and unexpected leadership challenges that investors should monitor closely.

Major CEO Transitions Signal Strategic Inflection Points

Several high-profile CEO changes captured attention this week. Verizon Communications appointed Daniel H. Schulman as Chief Executive Officer effective October 4, 2025, marking a significant leadership shift for the telecommunications giant with its $170 billion market capitalization. Schulman will continue serving on the board as he takes the helm of the company.

In a more somber development, LendingTree experienced an unexpected leadership transition following the passing of CEO Doug Lebda. The company moved quickly to appoint Scott Peyree as President and CEO on October 13, while Steve Ozonian assumed the role of Chairman of the Board. This transition comes at a challenging time for the financial services company, which has seen its stock decline over 6 percent in the past year.

Kemper Corporation also underwent a sudden CEO change, with Joseph P. Lacher Jr. departing as President and CEO effective October 14, 2025. C. Thomas Evans Jr. stepped in as interim President and CEO the same day, suggesting the departure was not part of a long-planned succession. The insurance company’s stock has declined over 24 percent in the past year and recently hit a 52-week low.

CFO Shake-Up Across Multiple Sectors

Chief Financial Officer transitions were particularly prevalent this week, affecting companies across healthcare, retail, and industrial sectors. Becton Dickinson announced that Christopher J. DelOrefice will resign as CFO effective December 5, 2025, with Vitor Roque appointed as interim CFO. Interestingly, DelOrefice is moving to Ulta Beauty, where he has been appointed Chief Financial Officer with the same effective date, creating a notable cross-industry talent migration.

In the utility sector, Ameren Corporation announced that Leonard P. Singh will enter the role of Executive Vice President and CFO effective January 1, 2026, as part of broader leadership transitions. The company also announced Michael L. Moehn will transition to Group President of Ameren Utilities on the same date.

Ardelyx appointed Sue Hohenleitner as Chief Financial Officer effective November 4, 2025, bringing new financial leadership to the biotechnology company. Meanwhile, Fate Therapeutics brought on Kamal Adawi as CFO effective October 20, 2025, following the resignations of two board members. Xenon Pharmaceuticals also completed a CFO transition, appointing Thomas Kelly effective October 15, while Ian Mortimer ceased serving as Interim Chief Financial Officer.

Board Composition Changes Reflect Governance Evolution

Board-level transitions were widespread, with several companies experiencing significant director turnover. AvidXchange Holdings saw eight board members exit their positions on the closing date of a merger, representing one of the week’s most substantial governance changes. Similarly, WNS Holdings experienced extensive board turnover, with nine directors exiting and two new directors joining on the closing date.

Beyond Meat made strategic board changes with three directors resigning and three new directors appointed, along with committee reassignments. The plant-based food company faces significant challenges, with its stock down over 92 percent in the past year and trading near an all-time low.

Bill Holdings saw activism-related board changes, with Stephen Fisher resigning and new directors Peter A. Feld and Lee Kirkpatrick joining the board as part of a Starboard cooperation agreement. This comes as the financial technology company navigates a period of elevated activist vulnerability.

Strategic Leadership Realignments and Retirements

Several companies announced planned retirements and role transitions that suggest longer-term strategic planning. Texas Instruments revealed that Richard K. Templeton will retire as executive chairman and director effective December 31, 2025, with Haviv Ilan appointed as the new chairman. This represents a significant transition for the semiconductor manufacturer with its $159 billion market capitalization.

Vulcan Materials announced a CEO succession plan, with Ronnie A. Pruitt elected as Chief Executive Officer effective January 1, 2026, while J. Thomas Hill will step down as CEO to become Executive Chairman of the Board. The construction materials company’s stock has performed well, up nearly 16 percent over the past year and recently hitting an all-time high.

In the financial services sector, Everest Group announced that Ricardo Anzaldua will retire as Executive Vice President and General Counsel, with Anthony Vidovich appointed to the same position effective on or before January 5, 2026. Baker Hughes also saw executive changes, with Ganesh Ramaswamy resigning as Executive Vice President of Industrial & Energy Technology, while Maria Claudia Borras assumes the role on an interim basis effective October 24.

Technology and Healthcare Sector Movements

The technology sector saw notable personnel shifts. F5 Inc. experienced an unusual transition when Michael Montoya resigned as a director on October 9 but was immediately appointed Chief Technology Operations Officer effective October 13. The application delivery networking company’s stock has surged over 36 percent in the past year to reach an all-time high.

Fabrinet appointed Caroline Dowling as a Class I director while David T. Mitchell retired from the board on October 13. The optical communications company has seen exceptional performance with a 57 percent gain over the past year and recently reached an all-time high.

In healthcare and life sciences, multiple companies reshuffled their leadership teams. Dynavax Technologies announced that David F. Novack will transition to Senior Vice President and Chief Operating Officer, while Robert Janssen was removed from his roles as Chief Medical Officer and Senior Vice President. Geron Corporation reported several departures, including board members Gaurav Aggarwal and V. Bryan Lawlis, along with Executive Vice Presidents Andrew J. Grethlein and Jim Ziegler.

Interim Appointments Signal Ongoing Transitions

Several companies turned to interim leadership solutions this week. Brixmor Property Group announced that CEO James M. Taylor Jr. is taking a temporary medical leave effective October 16, with Brian T. Finnegan appointed interim CEO starting October 15. The real estate investment trust maintains a strong B+ board rating despite the temporary leadership change.

Ibotta appointed Matt Puckett as Interim Principal Accounting Officer on October 13 while Jared Chomko is on medical leave. The digital marketing company has struggled with a stock decline of over 53 percent in the past year.

Forward Air appointed Jason Ringgenberg as interim Chief Information Officer effective October 14, following Joseph M. Tomasello’s resignation the previous day. The transportation and logistics company faces multiple governance challenges and has seen its stock decline 45 percent over the past year.

Executive Moves Summary Table

COMPANY Executive Moves COMPANY RED FLAGS
AMEREN CORP

Ticker: AEE
Mkt Cap: $28.4B
1-Yr TSR: 22.1%
Board Rating: C+

  • On October 14, 2025, Ameren Corporation announced two people moves involving Michael L. Moehn transitioning to Group President, Ameren Utilities, and Leonard P. Singh entering the role of Executive Vice President and CFO, both effective January 1, 2026.  (view source)
  • Gov Risk: Chairman is not independent
  • Immediate Resignation
  • Limited external board experience
  • SEC No Action letter(s) in the last 2 years
  • Stock Alert: All-time high at $105.39
ARDELYX INC

Ticker: ARDX
Mkt Cap: $1.2B
1-Yr TSR: -13.7%
Board Rating: C+

  • On October 13, 2025, Sue Hohenleitner was appointed as the Chief Financial Officer of Ardelyx, Inc., effective November 4, 2025.  (view source)
  • Director Elections: < 95% average votes FOR
  • Gov Risk: Classified Board / Staggered Director Elections
  • Settlement Agreement
  • Significant Stock Drop(s) in past 2 years
AVANTOR INC

Ticker: AVTR
Mkt Cap: $9.9B
1-Yr TSR: -41.2%
Board Rating: D

  • On October 10, 2025, Jonathan Peacock informed Avantor, Inc. that he will step down as chairman and director, while Gregory L. Summe will become the new chairman effective January 1, 2026.  (view source)
  • Bankruptcy Alert: 1 director has a bankruptcy history (AVTR)
  • Director Elections: < 95% average votes FOR
  • High Activist Vulnerability Risk Score (96)
  • Negative Say-On-Pay Vote: 86% For
  • Significant Stock Drop(s) in past 2 years
AVIDXCHANGE HOLDINGS INC

Ticker: AVDX
Mkt Cap: $2.1B
1-Yr TSR: 22.2%
Board Rating: C+

  • On the Closing Date of the Merger, Oni Chukwu, Lance Drummond, James Hausman, Teresa Mackintosh, J. Michael McGuire, Asif Ramji, Arthur J. Rubado, and Sonali Sambhus exited their positions as Board members.  (view source)
  • Cyber Incident(s) within the last year
  • Director Elections: < 95% average votes FOR
  • Gov Risk: Chairman is not independent
  • Gov Risk: Classified Board / Staggered Director Elections
  • Limited external board experience
  • Settlement Agreement
  • Significant Stock Drop(s) in past 2 years
  • Workforce Reduction
BAKER HUGHES CO

Ticker: BKR
Mkt Cap: $44.0B
1-Yr TSR: 24.2%
Board Rating: B

  • On October 7, 2025, Ganesh Ramaswamy resigned as Executive Vice President, Industrial & Energy Technology, while Maria Claudia Borras will assume the role on an interim basis effective October 24, 2025.  (view source)
  • Gov Risk: Chairman is not independent
  • High CFO Turnover
  • Merger Agreement
  • Settlement Agreement
BALLY’S CORP

Ticker: BALY
Mkt Cap: $626.8M
1-Yr TSR: -27.1%
Board Rating: D

  • Bally’s Corporation disclosed multiple personnel moves, including options granted to Robeson Reeves, an amendment to George Papanier’s employment agreement, and the departure of Marcus Glover.  (view source)
  • 13D filed in the last 6 months
  • Abnormally High 8-K Filings
  • CFO Tenure Was Under 2 Years: Marcus Glover
  • Gov Risk: Classified Board / Staggered Director Elections
  • High Activist Vulnerability Risk Score (90)
  • High CFO Turnover
  • Hot Seat Risk Score – CEO: Elevated (70)
  • Internal Control Risk
  • Significant Stock Drop(s) in past 2 years
  • Workforce Reduction
BECTON DICKINSON & CO

Ticker: BDX
Mkt Cap: $53.1B
1-Yr TSR: -21.3%
Board Rating: C

  • Christopher J. DelOrefice will resign as CFO, effective December 5, 2025, with Vitor Roque appointed as interim CFO.  (view source)
  • Cyber Incident(s) within the last year
  • Gov Risk: Entrenched Board
  • High Activist Vulnerability Risk Score (81)
  • Negative Say-On-Pay Vote: 89% For
  • SEC No Action letter(s) in the last 2 years
  • Settlement Agreement
  • Significant Stock Drop(s) in past 2 years
BEYOND MEAT INC

Ticker: BYND
Mkt Cap: $39.9M
1-Yr TSR: -92.1%
Board Rating: D

  • Three directors resigned, and three new directors were appointed to the board along with committee assignments.  (view source)
  • Cyber Incident(s) within the last year
  • Gov Risk: Classified Board / Staggered Director Elections
  • High CFO Turnover
  • Hot Seat Risk Score – CEO: Elevated (70)
  • Late Filings (NT 10-K / NT 10-Q) within the last year
  • Section 220 Disclosure
  • Settlement Agreement
  • Significant Stock Drop(s) in past 2 years
  • Stock Alert: All-time low at $0.52
  • Workforce Reduction
BILL HOLDINGS INC

Ticker: BILL
Mkt Cap: $5.0B
1-Yr TSR: -10.6%
Board Rating: C-

  • The board of BILL Holdings, Inc. experienced several changes, including the resignation of Stephen Fisher and the appointment of new directors Peter A. Feld and Lee Kirkpatrick.  (view source)
  • 13D filed in the last 6 months
  • Bankruptcy Alert: 1 director has a bankruptcy history (BILL)
  • Cooperation Agreement
  • Cooperation Agreement in the last 2 years
  • Gov Risk: Chairman is not independent
  • Gov Risk: Classified Board / Staggered Director Elections
  • High Activist Vulnerability Risk Score (95)
  • Immediate Resignation
  • Significant Stock Drop(s) in past 2 years
  • Workforce Reduction
B RILEY FINANCIAL INC

Ticker: RILY
Mkt Cap: $166.1M
1-Yr TSR: -.2%
Board Rating: C

  • Michael Sheldon informed the Company of his decision not to seek re-election at the upcoming annual meeting.  (view source)
  • Abnormally High 8-K Filings
  • Failed to File Annual/Quarterly Report
  • Gov Risk: Chairman is not independent
  • Gov Risk: No lead independent director
  • High Activist Vulnerability Risk Score (84)
  • Ind. Accountant Dismissed
  • Internal Control Risk
  • Late Filings (NT 10-K / NT 10-Q) within the last year
  • SEC Correspondence in the last year
  • Settlement Agreement
  • Significant Stock Drop(s) in past 2 years
  • Workforce Reduction
BRIXMOR PROPERTY GROUP INC

Ticker: BRX
Mkt Cap: $8.2B
1-Yr TSR: -.7%
Board Rating: B+

  • James M. Taylor Jr. is taking a temporary medical leave as CEO, effective October 16, 2025, while Brian T. Finnegan is appointed interim CEO starting October 15, 2025.  (view source)
  • Bankruptcy Alert: 1 director has a bankruptcy history (BRX)
  • CEO Tenure Was Under 2 Years: James M Taylor Jr
  • SEC No Action letter(s) in the last 2 years
CARSCOM INC

Ticker: CARS
Mkt Cap: $642.1M
1-Yr TSR: -35.0%
Board Rating: C-

  • Matthew Crawford, Chief Product and Innovation Officer, is exiting the company effective November 28, 2025.  (view source)
  • High CFO Turnover
  • Significant Stock Drop(s) in past 2 years
COCA COLA CO

Ticker: KO
Mkt Cap: $290.9B
1-Yr TSR: -1.3%
Board Rating: B-

  • Max Levchin was elected as a Director of The Coca-Cola Company and appointed to the Talent and Compensation Committee, effective October 16, 2025.  (view source)
  • Director Elections: < 95% average votes FOR
  • Gov Risk: Chairman is not independent
  • Overboarding
  • SEC No Action letter(s) in the last 2 years
DYNAVAX TECHNOLOGIES CORP

Ticker: DVAX
Mkt Cap: $1.1B
1-Yr TSR: -11.2%
Board Rating: C

  • Dynavax Technologies Corporation announces the transition of David F. Novack to Senior Vice President and Chief Operating Officer, and the removal of Robert Janssen, M.D. from his roles as Chief Medical Officer and Senior Vice President, Clinical Development, Medical and Regulatory Affairs.  (view source)
  • Abnormally High 8-K Filings
  • Contested Proxy (DVAX)
  • 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: No lead independent director
  • High CFO Turnover
  • Proxy Fight in the last 2 years
  • SEC Correspondence in the last year
  • Section 220 Disclosure
EVEREST GROUP LTD

Ticker: EG
Mkt Cap: $14.3B
1-Yr TSR: -10.2%
Board Rating: C

  • Ricardo Anzaldua will retire as Executive Vice President and General Counsel, while Anthony Vidovich is appointed to the same position effective on or before January 5, 2026.  (view source)
  • Director Elections: < 95% average votes FOR
  • Gov Risk: Chairman is not independent
  • Gov Risk: Entrenched Board
  • Gov Risk: More than one Director over 75
  • High Activist Vulnerability Risk Score (96)
  • Limited external board experience
F5 INC

Ticker: FFIV
Mkt Cap: $17.0B
1-Yr TSR: 36.8%
Board Rating: B+

  • Michael Montoya resigned as a director on October 9, 2025, and was appointed Chief Technology Operations Officer, effective October 13, 2025.  (view source)
  • Cyber Incident(s) within the last year
  • Immediate Resignation
  • SEC Correspondence in the last year
  • SEC No Action letter(s) in the last 2 years
  • Stock Alert: All-time high at $343.17
  • Workforce Reduction
FABRINET

Ticker: FN
Mkt Cap: $14.7B
1-Yr TSR: 57.2%
Board Rating: A

  • On October 13, 2025, Caroline Dowling was appointed as a Class I director on the Board of Directors of Fabrinet.  (view source)
  • David T. Mitchell retired from the Board of Fabrinet on October 13, 2025.  (view source)
  • Bankruptcy Alert: 1 director has a bankruptcy history (FN)
  • Director Elections: < 95% average votes FOR
  • Gov Risk: Average Director tenure over 10 years
  • Gov Risk: Classified Board / Staggered Director Elections
  • Gov Risk: Entrenched Board
  • Significant Stock Drop(s) in past 2 years
  • Stock Alert: All-time high at $412.46
  • Workforce Reduction
FATE THERAPEUTICS INC

Ticker: FATE
Mkt Cap: $177.6M
1-Yr TSR: -52.0%
Board Rating: D

  • Dr. John D. Mendlein and Dr. Neelufar Mozaffarian resigned from the Board on October 13, 2025, while Kamal Adawi was appointed as CFO effective October 20, 2025.  (view source)
  • 13D filed in the last 6 months
  • Bankruptcy Alert: 1 director has a bankruptcy history (FATE)
  • CFO Tenure Was Under 2 Years: Bahram Valamehr
  • CFO Tenure Was Under 2 Years: J Scott Wolchko
  • Gov Risk: Classified Board / Staggered Director Elections
  • High CFO Turnover
  • Immediate Resignation
  • Settlement Agreement
  • Significant Stock Drop(s) in past 2 years
  • Workforce Reduction
FORTIVE CORP

Ticker: FTV
Mkt Cap: $16.5B
1-Yr TSR: -15.2%
Board Rating: C-

  • On October 13, 2025, Stacey Walker announced her retirement from Fortive Corporation, effective January 2, 2026.  (view source)
  • Bankruptcy Alert: 2 directors have bankruptcy histories (FTV)
  • Deceased Person Disclosure
  • High Activist Vulnerability Risk Score (99)
  • Negative Say-On-Pay Vote: 86% For
  • SEC No Action letter(s) in the last 2 years
  • Settlement Agreement
  • Workforce Reduction
FORWARD AIR CORP

Ticker: FWRD
Mkt Cap: $641.1M
1-Yr TSR: -45.0%
Board Rating: C-

  • Joseph M. Tomasello resigned as Chief Information Officer effective October 13, 2025, and Jason Ringgenberg was appointed as interim Chief Information Officer effective October 14, 2025.  (view source)
  • 13D filed in the last 6 months
  • Abnormally High 8-K Filings
  • Amended Filing (10-K/A)
  • Bankruptcy Alert: 1 director has a bankruptcy history (FWRD)
  • Cyber Incident(s) within the last year
  • High CFO Turnover
  • 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
GERON CORP

Ticker: GERN
Mkt Cap: $784.8M
1-Yr TSR: -70.5%
Board Rating: C-

  • Geron Corporation reports several people moves: Gaurav Aggarwal resigns from the Board, V. Bryan Lawlis will not seek re-election, and Andrew J. Grethlein and Jim Ziegler will depart as Executive Vice Presidents.  (view source)
  • Bankruptcy Alert: 1 director has a bankruptcy history (GERN)
  • CEO Tenure Was Under 2 Years: Dawn Carter Bir
  • Cyber Incident(s) within the last year
  • Gov Risk: Chairman is not independent
  • Gov Risk: Classified Board / Staggered Director Elections
  • High Activist Vulnerability Risk Score (80)
  • Immediate Resignation
  • Significant Stock Drop(s) in past 2 years
HONEYWELL INTERNATIONAL INC

Ticker: HON
Mkt Cap: $129.0B
1-Yr TSR: -5.3%
Board Rating: C

  • Ms. Rose Lee will resign from the Board of Directors of Honeywell International Inc. effective immediately prior to the Spin-Off of the Company’s Advanced Materials business.  (view source)
  • Abnormally High 8-K Filings
  • Cooperation Agreement
  • Cooperation Agreement in the last 2 years
  • Gov Risk: Chairman is not independent
  • High Activist Vulnerability Risk Score (83)
  • SEC Correspondence in the last year
  • SEC Investigation Related
  • Settlement Agreement
  • Workforce Reduction
IBOTTA INC

Ticker: IBTA
Mkt Cap: $893.1M
1-Yr TSR: -53.7%
Board Rating: D

  • On October 13, 2025, Matt Puckett was appointed as Interim Principal Accounting Officer while Jared Chomko is on medical leave.  (view source)
  • CFO Tenure Was Under 2 Years: Valarie L Sheppard
  • Class Action
  • Director Elections: < 95% average votes FOR
  • Gov Risk: Multi-Class Shares
  • Gov Risk: No lead independent director
  • High Activist Vulnerability Risk Score (80)
  • Short Report: The Bear Cave
  • Significant Stock Drop(s) in past 2 years
  • Workforce Reduction
KEMPER CORP

Ticker: KMPR
Mkt Cap: $3.0B
1-Yr TSR: -24.5%
Board Rating: C-

  • Joseph P. Lacher, Jr. is departing as President and CEO effective October 14, 2025, and C. Thomas Evans, Jr. has been appointed as interim President and CEO on the same date.  (view source)
  • Gov Risk: Chairman is not independent
  • High Activist Vulnerability Risk Score (95)
  • Negative Say-On-Pay Vote: 81% For
  • Significant Stock Drop(s) in past 2 years
  • Stock Alert: 52-week low at $46.40
KEROS THERAPEUTICS INC

Ticker: KROS
Mkt Cap: $558.1M
1-Yr TSR: -77.9%
Board Rating: C-

  • Tomer Kariv and Ran Nussbaum resigned from the Company’s board of directors effective October 15, 2025, and Jean-Jacques Bienaimé was appointed as the new Chair of the Nominating and Corporate Governance Committee on the same date.  (view source)
  • 13D filed in the last 6 months
  • Abnormally High 8-K Filings
  • Director Elections: < 95% average votes FOR
  • Gov Risk: Classified Board / Staggered Director Elections
  • High Activist Vulnerability Risk Score (83)
  • Negative Say-On-Pay Vote: 81% For
  • Significant Stock Drop(s) in past 2 years
  • Workforce Reduction
KULICKE & SOFFA INDUSTRIES INC

Ticker: KLIC
Mkt Cap: $2.1B
1-Yr TSR: -8.9%
Board Rating: C+

  • On October 8, 2025, Chan Pin Chong announced his retirement, and Ivy Qin and John Molnar will assume his duties effective immediately.  (view source)
  • Cyber Incident(s) within the last year
  • Gov Risk: Classified Board / Staggered Director Elections
  • Immediate Resignation
LA-Z-BOY INC

Ticker: LZB
Mkt Cap: $1.3B
1-Yr TSR: -20.9%
Board Rating: B-

  • La-Z-Boy Incorporated announced leadership changes effective October 10, 2025, including Terrence J. Linz’s appointment as President, Wholesale Brands and Robert Sundy as President, Retail, while Rebecca M. Reeder will exit her role as President, Retail La-Z-Boy Furniture Galleries effective October 31, 2025.  (view source)
  • High CFO Turnover
  • Pledging
  • Stock Alert: 52-week low at $31.46
LEMONADE INC

Ticker: LMND
Mkt Cap: $3.5B
1-Yr TSR: 147.8%
Board Rating: C

  • On October 15, 2025, Mr. Prashant Ratanchandani was appointed to the Board of Lemonade, Inc. as a Class II director.  (view source)
  • Director Elections: < 95% average votes FOR
  • Gov Risk: Classified Board / Staggered Director Elections
  • Limited external board experience
  • Significant Stock Drop(s) in past 2 years
LENDINGTREE INC

Ticker: TREE
Mkt Cap: $793.0M
1-Yr TSR: -6.1%
Board Rating: C-

  • On October 13, 2025, LendingTree, Inc. appointed Scott Peyree as President and CEO following the passing of Doug Lebda, and appointed Steve Ozonian as Chairman of the Board.  (view source)
  • Bankruptcy Alert: 1 director has a bankruptcy history (TREE)
  • Bankruptcy Alert: Current CEO has bankruptcy history (TREE)
  • Deceased Person Disclosure
  • Gov Risk: Chairman is not independent
  • Gov Risk: Entrenched Board
  • High CFO Turnover
  • Short Report: Culper Research
  • Significant Stock Drop(s) in past 2 years
  • Workforce Reduction
MERIDIANLINK INC

Ticker: MLNK
Mkt Cap: $1.5B
1-Yr TSR: -6.0%
Board Rating: C+

  • Mr. Vlok is resigning from his role as CEO, effective October 1, 2025.  (view source)
  • Gov Risk: Classified Board / Staggered Director Elections
  • High CFO Turnover
  • Internal Control Risk
  • Merger Agreement
  • Significant Stock Drop(s) in past 2 years
  • Workforce Reduction
MORNINGSTAR INC

Ticker: MORN
Mkt Cap: $8.9B
1-Yr TSR: -38.6%
Board Rating: B-

  • Daniel Dunn will be departing from his role as Chief Revenue Officer, while Julie Willoughby will be entering the role of Chief Revenue Officer effective November 21, 2025.  (view source)
  • 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 (78)
  • SEC Investigation Related
  • Stock Alert: 52-week low at $210.71
  • Workforce Reduction
POLARIS INC

Ticker: PII
Mkt Cap: $3.7B
1-Yr TSR: -15.9%
Board Rating: C-

  • Michael D. Dougherty, President of the On Road and International business, is retiring upon the closing of the Transaction, and has entered into a Transaction Bonus and Separation Benefits Agreement with Polaris Inc.  (view source)
  • Director Elections: < 95% average votes FOR
  • Gov Risk: Average Director tenure over 10 years
  • Gov Risk: Classified Board / Staggered Director Elections
  • High Activist Vulnerability Risk Score (87)
  • Negative Say-On-Pay Vote: 71% For
POWER SOLUTIONS INTERNATIONAL INC

Ticker: PSIX
Mkt Cap: $2.0B
1-Yr TSR: 262.4%
Board Rating: A+

  • Effective October 9, 2025, Kui (Kevin) Jiang and Gengsheng Zhang exited the Board of Directors, while Xuesen Yang, Zhao Jin, and Jiwen (James) Zhang entered the Board, with Zhang also transitioning to Chairman of the Nominating and Governance Committee. Courtney Shea also joined as a member of the Compensation Committee.  (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
  • Settlement Agreement
  • Significant Stock Drop(s) in past 2 years
PRELUDE THERAPEUTICS INC

Ticker: PRLD
Mkt Cap: $74.1M
1-Yr TSR: -32.5%
Board Rating: D

  • On October 15, 2025, Mardi Dier announced her resignation from Prelude Therapeutics’ Board, effective October 17, 2025, and on the same day, Katina Dorton was appointed as a Class III director and Chair of the Audit Committee.  (view source)
  • 13D filed in the last 6 months
  • Bankruptcy Alert: 1 director has a bankruptcy history (PRLD)
  • Director Elections: < 95% average votes FOR
  • Going Concern Risk Filings in the last year
  • Gov Risk: Classified Board / Staggered Director Elections
  • Listing Rule Violation: Minimum Bid
  • Overboarding
  • Significant Stock Drop(s) in past 2 years
  • Workforce Reduction
PRICE T ROWE GROUP INC

Ticker: TROW
Mkt Cap: $22.7B
1-Yr TSR: -2.8%
Board Rating: C-

  • On October 13, 2025, T. Rowe Price Group, Inc. appointed Mr. Allan Golston and Mr. Richard Verma as directors, increasing the board from 11 to 13 members.  (view source)
  • Cyber Incident(s) within the last year
  • Gov Risk: Chairman is not independent
  • Gov Risk: Entrenched Board
  • High Activist Vulnerability Risk Score (80)
  • Hot Seat Risk Score – CEO: Elevated (62)
  • Negative Say-On-Pay Vote: 88% For
  • Workforce Reduction
PTC INC

Ticker: PTC
Mkt Cap: $24.2B
1-Yr TSR: 9.5%
Board Rating: B

  • James Lico was appointed to the Board of Directors of PTC Inc. with an effective date of October 13, 2025.  (view source)
  • Director Elections: < 95% average votes FOR
RAYONIER INC

Ticker: RYN
Mkt Cap: $3.8B
1-Yr TSR: -15.9%
Board Rating: C

  • Mark McHugh is transitioning to serve as the Chief Executive Officer of the combined company while Eric J. Cremers will serve as the Executive Chair for a term of two years following the merger.  (view source)
  • Merger Agreement
  • Settlement Agreement
  • Workforce Reduction
REALTY INCOME CORP

Ticker: O
Mkt Cap: $54.2B
1-Yr TSR: -2.4%
Board Rating: B-

  • On October 14, 2025, Kim Hourihan was appointed to the Board of Realty Income Corporation as a Director, and she will also serve on the Compensation and Talent Committee.  (view source)
  • Abnormally High 8-K Filings
  • Bankruptcy Alert: 1 director has a bankruptcy history (O)
  • Gov Risk: Entrenched Board
  • Gov Risk: More than one Director over 75
ROGERS CORP

Ticker: ROG
Mkt Cap: $1.5B
1-Yr TSR: -18.3%
Board Rating: C-

  • On October 16, 2025, Peter C. Wallace announced he will not stand for re-election and will step down as a director at the 2026 Annual Meeting, and Armand F. Lauzon, Jr. was appointed as Chair of the Board effective the same day.  (view source)
  • 13D filed in the last 6 months
  • High Activist Vulnerability Risk Score (93)
  • Settlement Agreement
  • Workforce Reduction
SCHLUMBERGER LIMITED

Ticker: SLB
Mkt Cap: $44.5B
1-Yr TSR: -22.3%
Board Rating: C-

  • Ms. Mamatha Chamarthi resigned from the Board of Directors of SLB Limited on October 12, 2025.  (view source)
  • Bankruptcy Alert: 1 director has a bankruptcy history (SLB)
  • Gov Risk: No lead independent director
  • High Activist Vulnerability Risk Score (81)
  • Stock Alert: 52-week low at $31.72
  • Workforce Reduction
SIRIUSPOINT LTD

Ticker: SPNT
Mkt Cap: $2.1B
1-Yr TSR: 29.5%
Board Rating: A-

  • Evan Cabat is resigning as Chief Accounting Officer effective October 31, 2025, while Jim McKinney will transition to also serve as principal accounting officer.  (view source)
  • Gov Risk: Classified Board / Staggered Director Elections
  • High CFO Turnover
  • Limited external board experience
  • Settlement Agreement
SITIME CORP

Ticker: SITM
Mkt Cap: $7.5B
1-Yr TSR: 67.4%
Board Rating: B

  • Mr. Tom Yiu is resigning from the Board of Directors effective prior to the appointment of his successor, and Mr. Ganesh Moorthy is appointed as a Class I director to fill the vacancy left by Mr. Yiu’s departure.  (view source)
  • Director Elections: < 95% average votes FOR
  • Gov Risk: Chairman is not independent
  • Gov Risk: Classified Board / Staggered Director Elections
  • Immediate Resignation
  • Internal Control Risk
  • Negative Say-On-Pay Vote: 87% For
  • Significant Stock Drop(s) in past 2 years
SOLENO THERAPEUTICS INC

Ticker: SLNO
Mkt Cap: $3.6B
1-Yr TSR: 24.8%
Board Rating: C+

  • On October 13, 2025, Mark W. Hahn was appointed as a Class II Director and member of the Audit Committee for Soleno Therapeutics, Inc.  (view source)
  • Director Elections: < 95% average votes FOR
  • Gov Risk: Classified Board / Staggered Director Elections
  • Gov Risk: No lead independent director
  • Ind. Accountant Resigned
  • Internal Control Risk
  • Overboarding
  • Short Report: Scorpion Capital
STAAR SURGICAL CO

Ticker: STAA
Mkt Cap: $1.2B
1-Yr TSR: -24.3%
Board Rating: C

  • Stephen Farrell was appointed as CEO, Elizabeth Yeu as Chair of the Board, and Deborah Andrews as Interim CFO.  (view source)
  • 13D filed in the last 6 months
  • Contested Proxy (STAA)
  • Gov Risk: Chairman is not independent
  • Merger Agreement
  • Proxy Fight in the last 2 years
  • Settlement Agreement
  • Significant Stock Drop(s) in past 2 years
  • Workforce Reduction
STEPAN CO

Ticker: SCL
Mkt Cap: $1.0B
1-Yr TSR: -37.7%
Board Rating: C-

  • Samuel S. Hinrichsen will resign from his position as Vice President and Interim Chief Financial Officer of Stepan Company effective October 31, 2025.  (view source)
  • CFO Tenure Was Under 2 Years: Samuel S. Hinrichsen
  • Cyber Incident(s) within the last year
  • Executive Termination(s) within the last year
  • Gov Risk: Chairman is not independent
  • Gov Risk: Classified Board / Staggered Director Elections
  • High Activist Vulnerability Risk Score (92)
  • Workforce Reduction
TEXAS INSTRUMENTS INC

Ticker: TXN
Mkt Cap: $159.5B
1-Yr TSR: -9.9%
Board Rating: B-

  • On October 16, 2025, Richard K. Templeton announced his retirement as executive chairman and director, effective December 31, 2025, while Haviv Ilan was appointed as the new chairman.  (view source)
  • Gov Risk: Average Director tenure over 10 years
  • Gov Risk: Entrenched Board
  • Negative Say-On-Pay Vote: 87% For
  • SEC Correspondence in the last year
  • SEC No Action letter(s) in the last 2 years
ULTA BEAUTY INC

Ticker: ULTA
Mkt Cap: $24.1B
1-Yr TSR: 44.0%
Board Rating: B

  • Christopher DelOrefice has been appointed as the Chief Financial Officer of Ulta Beauty, effective December 5, 2025, while Christopher Lialios will transition back to his previous role as Senior Vice President, Controller.  (view source)
  • CFO Tenure Was Under 2 Years: Christopher Lialios
  • CFO Tenure Was Under 2 Years: Paula M. Oyibo
  • Gov Risk: Classified Board / Staggered Director Elections
  • Gov Risk: No lead independent director
  • Significant Stock Drop(s) in past 2 years
VERIZON COMMUNICATIONS INC

Ticker: VZ
Mkt Cap: $170.2B
1-Yr TSR: -1.8%
Board Rating: C

  • Daniel H. Schulman has been appointed as Chief Executive Officer of Verizon, effective October 4, 2025, and will continue to serve on the Board of Directors.  (view source)
  • Cyber Incident(s) within the last year
  • High Activist Vulnerability Risk Score (93)
  • Pledging
  • SEC Correspondence in the last year
  • SEC No Action letter(s) in the last 2 years
VULCAN MATERIALS CO

Ticker: VMC
Mkt Cap: $39.1B
1-Yr TSR: 15.7%
Board Rating: B-

  • On October 10, 2025, Ronnie A. Pruitt was elected as the Chief Executive Officer of Vulcan Materials Company effective January 1, 2026, while J. Thomas Hill will step down as CEO and become Executive Chairman of the Board.  (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
  • Settlement Agreement
  • Stock Alert: All-time high at $309.07
WD 40 CO

Ticker: WDFC
Mkt Cap: $2.6B
1-Yr TSR: -27.0%
Board Rating: C

  • Trevor I. Mihalik is resigning from the Board of Directors and will not stand for re-election at the 2025 Annual Meeting, effective December 12, 2025.  (view source)
  • Bankruptcy Alert: 1 director has a bankruptcy history (WDFC)
  • Stock Alert: 52-week low at $189.47
WNS (HOLDINGS) LTD

Ticker: WNS
Mkt Cap: $3.3B
1-Yr TSR: 53.9%
Board Rating: A+

  • On the Closing Date, Timothy L. Main, Diane de Saint Victor, Françoise Gri, Jason Liberty, Judy Marlinski, Keith Haviland, Lan Tu, Mario P. Vitale, and Sylvie Ouziel exited the board as directors, while Aiman Eizzat and Michael Schulte entered as new directors.  (view source)
  • Abnormally High 8-K Filings
  • Limited external board experience
  • SEC Correspondence in the last year
  • Significant Stock Drop(s) in past 2 years
XENON PHARMACEUTICALS INC

Ticker: XENE
Mkt Cap: $3.3B
1-Yr TSR: -1.1%
Board Rating: B-

  • Thomas (Tucker) Kelly has been appointed as the Chief Financial Officer of Xenon Pharmaceuticals Inc., effective October 15, 2025, while Ian Mortimer will cease to serve as the Interim Chief Financial Officer.  (view source)
  • CFO Tenure Was Under 2 Years: Ian Mortimer
  • High CFO Turnover
  • Ind. Accountant Dismissed
  • Settlement Agreement
  • Significant Stock Drop(s) in past 2 years
ZEBRA TECHNOLOGIES CORP

Ticker: ZBRA
Mkt Cap: $14.9B
1-Yr TSR: -21.7%
Board Rating: C

  • On October 15, 2025, Joseph R. White announced his resignation as Chief Product & Solutions Officer at Zebra Technologies Corporation, effective November 7, 2025.  (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 (87)
  • Settlement Agreemen

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