Boardroom Alpha Digest: Wed, Feb 8

by | Feb 8, 2023

Executive News

  • Zoom Video Communications (ZM) announced a 15% reduction in its workforce. In addition, CEO Eric Yuan will take a temporary 98% salary pay cut to $10,000. Yuan’s annual cash salary has averaged just ~$300k over the last few years.
  • Earlier this week Carlyle Group (CG) announced that former Goldman Sachs (GS) CFO Harvey Schwartz would be taking over as the company’s CEO

Activist News

  • Amidst a proxy fight with Trian, Walt Disney Co. (DIS) announced that it will cut ~7k jobs as part of a $5.5B cost savings plan.
  • The WSJ is reporting that Dan Loeb’s Third Point LLC has also taken a stake in Salesforce Inc. (CRM), joining Starboard, Elliott, and ValueAct

SPACs

  • Mountain Crest Acquisition Corp. III (MCAE) shareholders approved ETAO International deal, no word on closing or redemptions
  • Summit Healthcare Acquisition Corp. (SMIH) set a definitive merger vote date for its YishengBio deal of 3/1
  • GX Acquisition Corp. II (GXII) and NioCorp set 3/10 its shareholder vote on the business combination
  • GSR II Meteora Acquisition Corp. (GSRM) and Bitcoin Depot set 3/30 as the date for their shareholder vote

SPAC Calendar

Recent Analysis

Daily SPAC Update – April 1, 2024

WNNR DeSPACs to ZPTA. ARRW, RWOD, LGVC Merger Votes. IXAQ + Aerkomm Deal Announced. GODN Vote. NSTC, NSTD Conversions Approved. BWAQ Extends. PGSS, BWAQ, TRTL, AIMAU, MBTC Votes Set.

Weekly Activism & Executive Moves Review (Mar 29)

Boeing CEO Dave Calhoun is stepping down, but not until the end of the year. We think the whole board should be up for replacement. Plus PW Partners is in at BJs Restaraunts and Buxton Helmsley is in at Fossil Group.

Disclaimer

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