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.

IPOS

  • 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”

SPACs

  • 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

Recent Analysis

CEO & CFO Moves Review (October 11)

Discover the latest executive leadership changes in top U.S. public companies, including CEO and CFO appointments at Anterix, Astec Industries, and Benchmark Electronics. Stay informed on industry shifts and leadership transitions in finance, technology, and healthcare.

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Disclaimer

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