Boardroom Alpha Digest: Thurs, Jan 5

by | Jan 5, 2023

Executive News

  • Stitch Fix (SFIX) CEO Elizabeth Spaulding has resigned after having just taken the post in August 2021. Co-Founder and former CEO Katrina Lake returns as Interim CEO until the company finds a replacement. SFIX also announced 20% layoffs in its workforce
  • David Flitman officially took over as CEO of US Foods (USFD) replacing Andrew Iacobucci in a move that was announced in November

Activism Situations

  • Impactive Capital has officially nominated 4 directors to the board of Envestnet, Inc. (ENV). The firm cites underperformance, poor governance and lack of shareholder alignment as its catalysts, and follows a letter the company sent the board last November. See the proxy here.


  • Johnson & Johnson (JNJ)‘s Consumer Health arm Kenvue Inc. has filed for an IPO. The company has yet to set terms on the offering but boasts over $15.1B net sales for 2021 and includes “iconic brands Tylenol, Neutrogena, Listerine, Johnson’s, Band-Aid, Aveeno, Zyrtec and Nicorette”


  • For the second time this week a sponsor forfeited its private placement assets (Class A shares this time), in what some are calling a potential tax-loss harvesting play. In this case it was two’s (TWOA) sponsor
  • DTRT Health Acquisition Corp. (DTRT) and Consumer Direct Holdings terminated their merger agreement and DTRT announced that it will liquidate

SPAC Calendar

<a href="" target="_self">David Drapkin</a>

David Drapkin

Spent his formative years at Goldman Sachs and now embraces the start-up life in NYC. A long suffering Oakland (Las Vegas) Raiders fan and graduate of the Wharton School at the University of Pennsylvania. Semi-professional go-kart racer waiting for his shot.

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