Boardroom Alpha Digest: Mon, Jan 9

by | Jan 9, 2023

Executive News

  • Rite Aide Corporation (RAD) fired CEO Heyward Donigan and appointed Elizabeth (“Busy”) Burr as Interim CEO and member of the board. Donigan had served as CEO since 2019 with a (19)% annualized TSR during her tenure.
  • Emergent BioSolutions Inc. (EBS) announced a 5% workforce reduction and the elimination of various senior positions including Chief People Officer and Chief Strategy Officer.
  • Netflix (NFLX) poached Jeffrey Karbowski from PayPal Holdings (PYPL) where he will assume the role of Chief Accounting Officer
  • Morgan Stanley (MS) COO Jonathan M. Pruzan will retire at the end of January

IPOS

  • Skyward Specialty Insurance Group, Inc. (SKWD) and MGO Global Inc. (MGOL) are expected to price IPOs this week

SPACs

  • Former DeSPAC Paya Holdings Inc. (PAYA), via Betsy Cohen’s FinTech Acquisition Corp. III, agreed to be purchased by Nuvei Corporation (NVEI) in an all-cash deal valuing the company at $9.75 per share and a $1.3B EV.
  • First Light Acquisition Group (FLAG) announced a definitive agreement to take Calidi Biotherapeutics public. Calidi previously had plans to go public thru a different SPAC (ADOC) in a deal that was scrapped in August.

SPAC Calendar

Recent Analysis

Weekly Activism & Executive Moves Review (April 12)

Macy’s and Arkhouse / Brigade enter an agreement, but the fight isn’t over yet. Illumina gets a new CFO as shareholders wait for Icahn’s directors to change trajectory. ANGI gets a new CEO as IAC CEO Levin steps aside.

Disclaimer

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