Executive Moves Update – August 29, 2025

Ticker: AMD
Mkt Cap: $273.6B
1-Yr TSR: 15.9%
Board Rating: B

• Mr. Philip Carter is resigning as Corporate Vice President and Chief Accounting Officer, effective September 5, 2025, and Ms. Jean Hu will serve as interim Chief Accounting Officer.  (view source)

• Cyber Incident(s) within the last year
• Negative Say-On-Pay Vote: 85% For
• SEC No Action letter: Requests
• SEC No Action letter: Responses
• SEC No Action letter(s) in the last 2 years
• Workforce Reduction

Ticker: ALTS
Mkt Cap: $1.0B
1-Yr TSR: 261.5%
Board Rating: C

• Jonathan Hugh has been appointed as CFO, Zachary Witkoff has been appointed as Chairman of the Board, and Zachary Folkman has been appointed as a Director.  (view source)

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Bankruptcy Alert: 1 director has a bankruptcy history (ALTS)
• Deceased Person Disclosure
• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Internal Control Risk
• Multiple Dismissed Ind. Accountants within the last 3 years
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: AMT
Mkt Cap: $94.8B
1-Yr TSR: -6.4%
Board Rating: B-

• Eugene F. Reilly was elected as a director of American Tower Corporation on August 22, 2025.  (view source)

• Abnormally High 8-K Filings
• Bankruptcy Alert: 1 director has a bankruptcy history (AMT)
• Gov Risk: More than one Director over 75
• SEC No Action letter(s) in the last 2 years

Ticker: AWK
Mkt Cap: $27.9B
1-Yr TSR: 3.2%
Board Rating: C

• On August 26, 2025, Lisa A. Grow was appointed as an independent director of American Water Works Company, Inc.  (view source)

• Abnormally High 8-K Filings
• Bankruptcy Alert: 3 directors have bankruptcy histories (AWK)
• Cyber Incident(s) within the last year
• High CFO Turnover
• Negative Say-On-Pay Vote: 88% For
• Settlement Agreement

Ticker: COLD
Mkt Cap: $4.1B
1-Yr TSR: -47.2%
Board Rating: C-

• On August 25, 2025, Robert S. Chambers was appointed as CEO and member of the Board, transitioning from President, while George F. Chappelle, Jr. is retiring from his role as CEO and Board member.  (view source)

• Bankruptcy Alert: 2 directors have bankruptcy histories (COLD)
• Cyber Incident(s) within the last year
• High Activist Vulnerability Risk Score (100)
• Negative Say-On-Pay Vote: 76% For
• SEC Correspondence in the last year
• Workforce Reduction

Ticker: ATH
Mkt Cap: $16.0B
1-Yr TSR: 93.2%

• On August 25, 2025, Grant Kvalheim was appointed to the Board of Directors of Athene Holding Ltd., and Marc Rowan resigned from the Board effective the same day.  (view source)

• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections

Ticker: AVNW
Mkt Cap: $295.1M
1-Yr TSR: -15.5%
Board Rating: B-

• Michael Connaway is exiting as Chief Financial Officer, and Andrew M. Fredrickson is entering as Interim Chief Financial Officer effective after the filing of the Form 10-K for fiscal year 2025.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (AVNW)
• CFO Tenure Was Under 2 Years: Michael Connaway
• High CFO Turnover
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: BB
Mkt Cap: $2.3B
1-Yr TSR: 63.0%
Board Rating: C

• On August 23, 2025, Barry Mainz was appointed as a member of the Board of BlackBerry Limited.  (view source)

• Abnormally High 8-K Filings
• Bankruptcy Alert: 1 director has a bankruptcy history (BB)
• Director Elections: < 95% average votes FOR
• High Activist Vulnerability Risk Score (76)
• Negative Say-On-Pay Vote: 80% For
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: BHR
Mkt Cap: $184.2M
1-Yr TSR: -5.4%
Board Rating: C

• Mr. Babak ‘Bob’ Ghassemieh was appointed to the Board of Directors of Braemar Hotels & Resorts Inc. on August 25, 2025.  (view source)

• 13D filed in the last 6 months
• Abnormally High 8-K Filings
• Cooperation Agreement
• Cooperation Agreement in the last 2 years
• Cyber Incident(s) within the last year
• Gov Risk: Chairman is not independent
• Immediate Resignation
• Limited external board experience
• Proxy Fight in the last 2 years
• SEC No Action letter(s) in the last 2 years
• Significant Stock Drop(s) in past 2 years

Ticker: BF.B
Mkt Cap: $13.7B
1-Yr TSR: -34.7%
Board Rating: C-

• Leanne D. Cunningham is retiring as Executive Vice President and Chief Financial Officer effective May 1, 2026.  (view source)

• Gov Risk: Chairman is not independent
• Gov Risk: Multi-Class Shares
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (98)
• Immediate Resignation
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: CMBM
Mkt Cap: $22.2M
1-Yr TSR: -55.3%
Board Rating: D

• Jacob Sayer is exiting as CFO effective September 5, 2025, and John Waldron is entering as Acting CFO effective immediately.  (view source)

• CFO Tenure Was Under 2 Years: Jacob Sayer
• Failed to File Annual/Quarterly Report
• Going Concern Risk Filings in the last year
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (83)
• High CFO Turnover
• Hot Seat Risk Score – CEO: Elevated (77)
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Non-Reliance / Restatement Filed
• Non-Reliance / Restatement in last year
• Significant Stock Drop(s) in past 2 years

Ticker: COR
Mkt Cap: $56.2B
1-Yr TSR: 23.0%
Board Rating: B+

• On August 27, 2025, Cencora, Inc. announced the appointment of D. Mark Durcan as Chairman of the Board and the retirement of Steven H. Collis as Executive Chairman and director.  (view source)

• 13D filed in the last 6 months
• Abnormally High 8-K Filings
• Cyber Incident(s) within the last year
• Gov Risk: No lead independent director
• Immediate Resignation
• SEC Correspondence in the last year
• Settlement Agreement
• Workforce Reduction

Ticker: CHMI
Mkt Cap: $103.4M
1-Yr TSR: -1.0%
Board Rating: C

• Apeksha Patel has been appointed as Chief Financial Officer and Treasurer of Cherry Hill Mortgage Investment Corporation, effective August 22, 2025, after serving as Interim CFO since June 22, 2025.  (view source)

• Director Elections: < 95% average votes FOR
• Limited external board experience
• Negative Say-On-Pay Vote: 61% For

Ticker: PLCE
Mkt Cap: $105.5M
1-Yr TSR: -18.4%
Board Rating: D

• On August 21, 2025, Mr. Muhammad Asif Seemab was appointed as Executive Vice Chairman of The Children’s Place, Inc. and received an additional compensation arrangement as a member of the Board.  (view source)

• CFO Tenure Was Under 2 Years: Laura Lentini
• Gov Risk: Chairman is not independent
• Gov Risk: No lead independent director
• High CFO Turnover
• Hot Seat Risk Score – CEO: High (85)
• Limited external board experience
• SEC Correspondence in the last year
• SEC No Action letter: Responses
• SEC No Action letter(s) in the last 2 years
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: CMG
Mkt Cap: $56.9B
1-Yr TSR: -23.8%
Board Rating: B

• On August 25, 2025, Jamie McConnell resigned as Chief Accounting and Administrative Officer of Chipotle Mexican Grill, Inc., effective immediately, to pursue a new professional opportunity.  (view source)

• Class Action
• Immediate Resignation
• Negative Say-On-Pay Vote: 55% For
• SEC Correspondence in the last year
• SEC No Action letter: Requests
• SEC No Action letter(s) in the last 2 years

Ticker: CHRW
Mkt Cap: $15.3B
1-Yr TSR: 28.6%
Board Rating: C

• Henry W. “Jay” Winship resigned from the Board of Directors of C.H. Robinson Worldwide, Inc. on August 25, 2025.  (view source)

• High Activist Vulnerability Risk Score (90)
• Stock Alert: All-time high at $129.29
• Workforce Reduction

Ticker: IMG
Mkt Cap: $10.3M
1-Yr TSR: -78.4%
Board Rating: D

• Mr. Li Shengqing has been appointed as Chief Executive Officer of Shenzhen as part of a business cooperation agreement between Zhongyan Shangyue Technology Co., Ltd. and Shenzhen Zhimeng Qiyang Technology Co., Ltd.  (view source)

• 13D filed in the last 6 months
• Abnormally High 8-K Filings
• Going Concern Risk Filings in the last year
• Gov Risk: Chairman is not independent
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (84)
• High CFO Turnover
• Hot Seat Risk Score – CEO: High (82)
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Limited external board experience
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: CTVA
Mkt Cap: $50.5B
1-Yr TSR: 31.8%
Board Rating: B

• Cornel Fuerer is retiring as chief legal and public affairs officer, and Jennifer A. Johnson will become the new chief legal officer, effective September 15, 2025.  (view source)

• Gov Risk: Entrenched Board
• High CFO Turnover
• Internal Control Risk
• Negative Say-On-Pay Vote: 88% For
• Settlement Agreement
• Workforce Reduction

Ticker: CROX
Mkt Cap: $4.7B
1-Yr TSR: -40.6%
Board Rating: B

• On August 29, 2025, Patraic Reagan was appointed as Executive Vice President and Chief Financial Officer, and Susan Healy resigned from her position as Executive Vice President and Chief Financial Officer, effective immediately.  (view source)

• Bankruptcy Alert: Current CFO has bankruptcy history (CROX)
• Class Action
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Immediate Resignation
• Overboarding
• Significant Stock Drop(s) in past 2 years

Ticker: DRVN
Mkt Cap: $3.0B
1-Yr TSR: 27.4%
Board Rating: C

• Muhammad Khalid has been elected as the Executive Vice President and Chief Operating Officer of Driven Brands Holdings Inc., effective August 25, 2025.  (view source)

• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (79)
• High CFO Turnover
• Negative Say-On-Pay Vote: 86% For
• Significant Stock Drop(s) in past 2 years

Ticker: DBX
Mkt Cap: $7.8B
1-Yr TSR: 15.3%
Board Rating: C+

• Sarah Schubach has been appointed as Chief Accounting Officer of Dropbox, effective August 21, 2025.  (view source)

• Cyber Incident(s) within the last year
• Gov Risk: Multi-Class Shares
• SEC Correspondence in the last year
• SEC No Action letter: Requests
• SEC No Action letter: Responses
• SEC No Action letter(s) in the last 2 years
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: ESTC
Mkt Cap: $9.3B
1-Yr TSR: -15.3%
Board Rating: C-

• Sohaib Abbasi will not be standing for re-election as a non-executive director after his term ends in September 2025.  (view source)

• CFO Tenure Was Under 2 Years: Eric Theodore Prengel
• Class Action
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (75)
• Negative Say-On-Pay Vote: 84% For
• Significant Stock Drop(s) in past 2 years

Ticker: ENSG
Mkt Cap: $10.0B
1-Yr TSR: 15.2%
Board Rating: A-

• Christopher Christensen is exiting the Board of Directors effective September 1, 2025, with additional compensation arrangements disclosed.  (view source)

• Gov Risk: Classified Board / Staggered Director Elections
• Stock Alert: All-time high at $172.60

Ticker: FIBK
Mkt Cap: $3.4B
1-Yr TSR: 11.2%
Board Rating: C-

• Mr. Michael L. Scudder was appointed as a Class I director on the Board effective August 13, 2025, and later assigned to the Audit Committee and Risk Committee effective August 28, 2025.  (view source)

• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Entrenched Board
• Gov Risk: Multi-Class Shares
• High Activist Vulnerability Risk Score (96)
• Pledging
• Rule 10b5-1 Entered

Ticker: FI
Mkt Cap: $74.8B
1-Yr TSR: -20.4%
Board Rating: B

• On August 25, 2025, John Gibbons transitioned to Senior Advisor from Co-Head of the Financial Institutions Group, while Andrew Gelb entered the role of Head of the Financial Institutions Group.  (view source)

• Abnormally High 8-K Filings
• Class Action
• Gov Risk: Chairman is not independent
• High Activist Vulnerability Risk Score (90)
• SEC No Action letter: Requests
• SEC No Action letter: Responses
• SEC No Action letter(s) in the last 2 years
• Significant Stock Drop(s) in past 2 years

Ticker: FLO
Mkt Cap: $3.1B
1-Yr TSR: -31.5%
Board Rating: C-

• Melvin T. Stith, Ph.D. will retire from the Board of Flowers Foods, Inc. effective December 31, 2025.  (view source)

• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• Gov Risk: More than one Director over 75
• High Activist Vulnerability Risk Score (85)
• Merger Agreement
• Stock Alert: 52-week low at $14.84
• Workforce Reduction

Ticker: FNB
Mkt Cap: $6.0B
1-Yr TSR: 16.8%
Board Rating: C

• On August 22, 2025, Barry C. Robinson announced his retirement as Chief Consumer Banking Officer effective October 10, 2025, and Alfred D. Cho was appointed to succeed him.  (view source)

• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• Gov Risk: No new Directors in last 5 years
• Limited external board experience

Ticker: GLXY
Mkt Cap: $9.2B
1-Yr TSR: %

• Andrew Siegel, General Counsel of Galaxy Digital Inc., is exiting the company effective September 12, 2025, to assume a public policy role.  (view source)

• Cyber Incident(s) within the last year
• Limited external board experience
• SEC Correspondence in the last year
• SEC Investigation Related
• Settlement Agreement

Ticker: GTX
Mkt Cap: $2.6B
1-Yr TSR: 58.0%
Board Rating: B+

• On August 27, 2025, Kevin Mahony resigned from the Board of Directors of Garrett Motion, Inc., effective immediately.  (view source)

• 13D filed in the last 6 months
• Bankruptcy Alert: 1 director has a bankruptcy history (GTX)
• Gov Risk: Classified Board / Staggered Director Elections

Ticker: GT
Mkt Cap: $2.4B
1-Yr TSR: -1.8%
Board Rating: C-

• Ryan Waldron has exited as President, Americas, and Marcelo Toscani will lead the Americas business unit on an interim basis.  (view source)

• Abnormally High 8-K Filings
• Gov Risk: Entrenched Board
• High Activist Vulnerability Risk Score (85)
• Hot Seat Risk Score – CEO: Elevated (61)
• SEC No Action letter: Responses
• SEC No Action letter(s) in the last 2 years
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: GSHD
Mkt Cap: $3.2B
1-Yr TSR: 7.3%
Board Rating: B-

• On August 26, 2025, Mark E. Jones, Jr. was appointed as Chief Operating Officer while remaining Chief Financial Officer at Goosehead Insurance, Inc.  (view source)

• 13D filed in the last 6 months
• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Limited external board experience
• Significant Stock Drop(s) in past 2 years

Ticker: GEG
Mkt Cap: $70.3M
1-Yr TSR: 40.5%
Board Rating: C

• On August 26, 2025, Booker Smith was elected as a director of the Board, effective August 27, 2025.  (view source)

• 13D filed in the last 6 months
• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Ind. Accountant Dismissed

Ticker: GEF
Mkt Cap: $3.2B
1-Yr TSR: 12.0%
Board Rating: C-

• On August 26, 2025, Gary R. Martz announced his retirement as General Counsel and Secretary effective October 1, 2025, and Dennis Hoffman will assume the roles of Senior Vice President, General Counsel and Secretary on the same date.  (view source)

• Gov Risk: Entrenched Board
• Gov Risk: Multi-Class Shares
• Limited external board experience
• Pledging

Ticker: GO
Mkt Cap: $1.8B
1-Yr TSR: -2.0%
Board Rating: D

• Frank Kerr has been appointed as the Executive Vice President, Chief Store Operations Officer at Grocery Outlet Holding Corp., effective September 15, 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 (90)
• Internal Control Risk
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: HROW
Mkt Cap: $1.4B
1-Yr TSR: -.7%
Board Rating: B

• On August 21, 2025, Andrew R. Boll was appointed as President while continuing as CFO, and Randall E. Pollard was appointed as Chief Accounting Officer, effective September 1, 2025.  (view source)

• 13D filed in the last 6 months
• Bankruptcy Alert: 1 director has a bankruptcy history (HROW)
• Cyber Incident(s) within the last year
• Going Concern Risk Filings in the last year
• Gov Risk: Chairman is not independent
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Significant Stock Drop(s) in past 2 years

Ticker: HLIO
Mkt Cap: $1.8B
1-Yr TSR: 26.5%
Board Rating: C-

• On August 28, 2025, Helios Technologies announced the appointment of Michael Connaway as CFO and Jeremy Evans as Chief Accounting Officer, with Connaway transitioning from the CFO role held by Sean Bagan.  (view source)

• Abnormally High 8-K Filings
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (87)
• Significant Stock Drop(s) in past 2 years

Ticker: HSY
Mkt Cap: $36.5B
1-Yr TSR: -3.0%
Board Rating: C-

• Juan R. Perez is retiring from the Board of Directors and its committees effective October 3, 2025.  (view source)

• Amended Filing (10-Q/A)
• Bankruptcy Alert: 1 director has a bankruptcy history (HSY)
• Gov Risk: Chairman is not independent
• Gov Risk: Multi-Class Shares
• Limited external board experience
• SEC No Action letter(s) in the last 2 years
• Short Report: Grizzly Research
• Workforce Reduction

Ticker: HOPE
Mkt Cap: $1.4B
1-Yr TSR: -7.4%
Board Rating: C-

• Steven S. Koh will retire from the board of directors of Hope Bancorp, Inc. effective December 1, 2025.  (view source)

• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• Gov Risk: More than one Director over 75
• High Activist Vulnerability Risk Score (91)
• SEC Correspondence in the last year
• SEC No Action letter: Requests
• SEC No Action letter: Responses
• SEC No Action letter(s) in the last 2 years
• Workforce Reduction

Ticker: INSP
Mkt Cap: $2.7B
1-Yr TSR: -50.1%
Board Rating: B-

• Richard J. Buchholz is stepping down as CFO of Inspire Medical Systems, effective by December 31, 2025, or upon the hiring of a successor, and will continue in a financial advisory role until February 28, 2026.  (view source)

• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Significant Stock Drop(s) in past 2 years

Ticker: ITOS
Mkt Cap: $448.7M
1-Yr TSR: -40.8%
Board Rating: C

• Several individuals resigned from the board of directors of the Company as a result of the Merger, and the executive officers of Merger Sub became the directors and officers of the Surviving Corporation.  (view source)

• 13D filed in the last 6 months
• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Gov Risk: Classified Board / Staggered Director Elections
• Internal Control Risk
• Merger Agreement
• Overboarding
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: JKHY
Mkt Cap: $11.9B
1-Yr TSR: -4.1%
Board Rating: C+

• Gregory R. Adelson was appointed as a director of Jack Henry & Associates, Inc. on August 22, 2025, while continuing his roles as President and CEO.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (JKHY)
• Gov Risk: Chairman is not independent
• Limited external board experience

Ticker: JRVR
Mkt Cap: $258.1M
1-Yr TSR: -23.5%
Board Rating: D

• William K. Bowman is retiring as President and CEO of the Specialty Admitted segment on September 30, 2025, with Lisa Binnie succeeding him as President effective September 1, 2025.  (view source)

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• High Activist Vulnerability Risk Score (92)
• Hot Seat Risk Score – CEO: Elevated (78)
• Internal Control Risk
• Significant Stock Drop(s) in past 2 years

Ticker: JYNT
Mkt Cap: $163.7M
1-Yr TSR: -5.0%
Board Rating: A-

• Mr. Jake Singleton has exited his role as Chief Financial Officer effective June 9, 2025, following a separation agreement dated August 22, 2025.  (view source)

• Amended Filing (10-K/A)
• Amended Filing (10-Q/A)
• Amended Filings (10-Q/A, 10-K/A) within the last year
• Cooperation Agreement in the last 2 years
• Cyber Incident(s) within the last year
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Limited external board experience
• Non-Reliance / Restatement Filed
• Non-Reliance / Restatement in last year

Ticker: LBRDA
Mkt Cap: $8.6B
1-Yr TSR: 4.1%
Board Rating: C-

• Martin E. Patterson was appointed as President and CEO of Liberty Broadband Corporation, effective July 14, 2025.  (view source)

• 13D filed in the last 6 months
• Abnormally High 8-K Filings
• CEO Tenure Was Under 2 Years: John C Malone
• 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: Multi-Class Shares
• Gov Risk: No lead independent director
• Pledging
• Significant Stock Drop(s) in past 2 years

Ticker: LOVE
Mkt Cap: $276.0M
1-Yr TSR: -17.8%
Board Rating: C-

• On August 27, 2025, Mr. Alan Boehme was appointed to the Board of Directors of The Lovesac Company.  (view source)

• 13D filed in the last 6 months
• Bankruptcy Alert: 1 director has a bankruptcy history (LOVE)
• Director Elections: < 95% average votes FOR
• Failed Say-On-Pay Vote: 47% For
• Gov Risk: Chairman is not independent
• Gov Risk: No lead independent director
• Internal Control Risk
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: MLAB
Mkt Cap: $370.8M
1-Yr TSR: -49.5%
Board Rating: C-

• Seven individuals were elected to the board of directors of Mesa Laboratories, Inc. during the annual meeting held on August 22, 2025.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (MLAB)
• Gov Risk: Chairman is not independent
• Ind. Accountant Dismissed
• Ind. Accountant Resigned
• Internal Control Risk
• Limited external board experience
• Multiple Dismissed Ind. Accountants within the last 3 years
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: MPLX
Mkt Cap: $51.4B
1-Yr TSR: 27.4%
Board Rating: A-

• On August 25, 2025, Ray N. Walker, Jr. was elected as a director of the board of MPLX GP LLC, effective the same day.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (MPLX)
• Gov Risk: Entrenched Board
• Overboarding

Ticker: MSM
Mkt Cap: $5.1B
1-Yr TSR: 16.1%
Board Rating: C

• Kristen Actis-Grande resigned as Executive Vice President and Chief Financial Officer, and Greg Clark was appointed as interim Chief Financial Officer.  (view source)

• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Entrenched Board
• Gov Risk: Multi-Class Shares
• Internal Control Risk
• Workforce Reduction

Ticker: MYRG
Mkt Cap: $3.0B
1-Yr TSR: 91.5%
Board Rating: A-

• On August 26, 2025, Aurelie P. Richard was appointed as a director of MYR Group Inc. to fill the vacancy left by William D. Patterson’s retirement.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (MYRG)
• Gov Risk: Classified Board / Staggered Director Elections
• Significant Stock Drop(s) in past 2 years

Ticker: NRC
Mkt Cap: $337.9M
1-Yr TSR: -32.3%
Board Rating: B-

• On August 25, 2025, Shane Harrison was appointed as Executive Vice President and Chief Financial Officer of National Research Corporation, effective on or about September 25, 2025, while Michael D. Hays will cease serving as the principal financial officer.  (view source)

• 13D filed in the last 6 months
• CFO Tenure Was Under 2 Years: Linda Stacy
• CFO Tenure Was Under 2 Years: Michael Hays
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Entrenched Board
• Limited external board experience
• Significant Stock Drop(s) in past 2 years

Ticker: NXTC
Mkt Cap: $13.7M
1-Yr TSR: -72.8%
Board Rating: C-

• On August 21, 2025, Solomon Langermann, Ph.D., resigned from his position as Chief Scientific Officer of NextCure, Inc., effective September 1, 2025.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (NXTC)
• 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
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: NRIM
Mkt Cap: $523.2M
1-Yr TSR: 44.6%
Board Rating: A

• Joseph M. Schierhorn will retire as a director and Chairman of the Board effective December 31, 2025, while Michael G. Huston will assume the role of Chairman effective January 1, 2026.  (view source)

• Director Elections: < 95% average votes FOR
• Gov Risk: No lead independent director
• Ind. Accountant Resigned
• Internal Control Risk
• Limited external board experience
• SEC Correspondence in the last year

Ticker: OMCL
Mkt Cap: $1.5B
1-Yr TSR: -26.5%
Board Rating: C-

• Baird Radford has been appointed as Executive Vice President and Chief Financial Officer, effective August 26, 2025, while Nchacha Etta will step down from his role as Executive Vice President and Chief Financial Officer, remaining as an executive adviser until November 15, 2025.  (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
• High CFO Turnover
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: ONDS
Mkt Cap: $1.2B
1-Yr TSR: 592.6%
Board Rating: C-

• Mark Green has been appointed as Head of Global Corporate Development and Mergers & Acquisitions at Ondas Holdings Inc. effective August 27, 2025.  (view source)

• 13D filed in the last 6 months
• Abnormally High 8-K Filings
• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Gov Risk: Chairman is not independent
• Gov Risk: No lead independent director
• High CFO Turnover
• Limited external board experience
• Listing Rule Violation: Minimum Bid
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: OPRT
Mkt Cap: $291.3M
1-Yr TSR: 117.8%
Board Rating: C-

• Warren Wilcox was appointed to the Board of Directors and various committees, while Louis P. Miramontes was appointed as Lead Independent Director.  (view source)

• 13D filed in the last 6 months
• CFO Tenure Was Under 2 Years: Paul Appleton
• Contested Proxy (OPRT)
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Internal Control Risk
• Proxy Fight in the last 2 years
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: OTIS
Mkt Cap: $33.9B
1-Yr TSR: -6.5%
Board Rating: C

• Shailesh Jejurikar is resigning from the Board of Directors of Otis Worldwide Corporation, effective September 9, 2025, and Kathy Hopinkah Hannan is taking over as Chair of the Compensation Committee.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (OTIS)
• Failed Say-On-Pay Vote: 39% For
• Gov Risk: Chairman is not independent
• High Activist Vulnerability Risk Score (79)
• High CFO Turnover
• Workforce Reduction

Ticker: PNBK
Mkt Cap: $151.6M
1-Yr TSR: -6.6%
Board Rating: D

• On August 20, 2025, the Board appointed Steven Sugarman as Chairman of the Board and Anahit Magzanyan as Lead Independent Director, while Michael Carrazza resigned as Chairman but will remain a Director.  (view source)

• 13D filed in the last 6 months
• CEO Tenure Was Under 2 Years: David Christopher Lowery
• CFO Tenure Was Under 2 Years: David Finn
• Director Elections: < 95% average votes FOR
• High Activist Vulnerability Risk Score (89)
• Ind. Accountant Dismissed
• Late Filings (NT 10-K / NT 10-Q) within the last year
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: PEN
Mkt Cap: $10.6B
1-Yr TSR: 34.2%
Board Rating: B-

• On August 22, 2025, Shruthi Narayan was appointed as President of Penumbra, Inc., effective September 1, 2025, while Adam Elsesser continues as Chairman of the Board and CEO.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (PEN)
• Director Elections: < 95% average votes FOR
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: No new Directors in last 5 years
• Limited external board experience
• SEC Correspondence in the last year

Ticker: QCOM
Mkt Cap: $173.5B
1-Yr TSR: -3.0%
Board Rating: B-

• On August 25, 2025, Neil Martin transitioned to Senior Vice President, Corporate Development, while Patricia Grech was appointed as Senior Vice President and Chief Accounting Officer.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (QCOM)
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (76)
• Negative Say-On-Pay Vote: 89% For

Ticker: QMCO
Mkt Cap: $101.6M
1-Yr TSR: 130.5%
Board Rating: C-

• On August 27, 2025, Quantum Corporation appointed James C. Clancy and Tony J. Blevins as directors, effective immediately.  (view source)

• 13D filed in the last 6 months
• Failed to File Annual/Quarterly Report
• Going Concern Risk Filings in the last year
• Gov Risk: Chairman is not independent
• Gov Risk: No lead independent director
• High CFO Turnover
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Limited external board experience
• Non-Reliance / Restatement in last year
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: RCKT
Mkt Cap: $361.5M
1-Yr TSR: -82.2%
Board Rating: C-

• Aaron Ondrey resigned as CFO, and Martin Wilson was appointed as interim Principal Financial Officer.  (view source)

• CFO Tenure Was Under 2 Years: Aaron Ondrey
• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (99)
• High CFO Turnover
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: RVYL
Mkt Cap: $9.8M
1-Yr TSR: -70.7%
Board Rating: D

• Ben Errez is resigning as Chairman and Director of RYVYL Inc. effective August 31, 2025.  (view source)

• 13D filed in the last 6 months
• Bankruptcy Alert: 1 director has a bankruptcy history (RVYL)
• Going Concern Risk Filings in the last year
• Gov Risk: Chairman is not independent
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (92)
• High CFO Turnover
• Hot Seat Risk Score – CEO: High (82)
• 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

Ticker: SANA
Mkt Cap: $715.8M
1-Yr TSR: -50.7%
Board Rating: D

• Mary Agnes Wilderotter is resigning from the Board of Directors of Sana Biotechnology, Inc., effective August 29, 2025.  (view source)

• Cyber Incident(s) within the last year
• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: SVV
Mkt Cap: $1.9B
1-Yr TSR: 26.9%
Board Rating: D

• On August 25, 2025, Duane C. Woods resigned from the Board of Directors, and Brian Ames was appointed to fill the vacancy.  (view source)

• Amended Filing (10-K/A)
• Amended Filing (10-Q/A)
• Amended Filings (10-Q/A, 10-K/A) within the last year
• Bankruptcy Alert: 1 director has a bankruptcy history (SVV)
• Cyber Incident(s) within the last year
• Internal Control Risk
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: STX
Mkt Cap: $36.7B
1-Yr TSR: 81.6%
Board Rating: B+

• On August 23, 2025, Thomas Szlosek was appointed as a director of Seagate Technology Holdings plc and will also serve on the audit and finance committee.  (view source)

• Abnormally High 8-K Filings
• Bankruptcy Alert: 1 director has a bankruptcy history (STX)
• Director Elections: < 95% average votes FOR
• SEC Correspondence in the last year
• Settlement Agreement
• Stock Alert: All-time high at $172.38
• Workforce Reduction

Ticker: STTK
Mkt Cap: $47.6M
1-Yr TSR: -71.5%
Board Rating: D

• On August 25, 2025, Tyler Brous, Dr. Carrie Brownstein, Michael Lee, and Dr. Kate Sasser resigned from the Board of Directors, while Dr. Daniel Baker and Dr. Mona Ashiya were appointed to fill the vacant Class I directorships.  (view source)

• 13D filed in the last 6 months
• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Hot Seat Risk Score – CEO: Elevated (74)
• Overboarding
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: SGHT
Mkt Cap: $211.6M
1-Yr TSR: -40.2%
Board Rating: C-

• Matthew Link will step down as Chief Commercial Officer effective August 31, 2025, to pursue other opportunities, while providing transition services through September 30, 2025.  (view source)

• 13D filed in the last 6 months
• Bankruptcy Alert: Current CFO has bankruptcy history (SGHT)
• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: No lead independent director
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: SVCO
Mkt Cap: $151.6M
1-Yr TSR: -67.7%
Board Rating: D

• On August 21, 2025, Dr. Babak A. Taheri stepped down as CEO of Silvaco Group, Inc., and Dr. Walden C. Rhines was appointed as the new CEO.  (view source)

• CEO Tenure Was Under 2 Years: Babak A Taheri
• CFO Tenure Was Under 2 Years: Ryan A Benton
• Ind. Accountant Resigned
• Internal Control Risk
• Pledging
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: SITE
Mkt Cap: $6.5B
1-Yr TSR: 3.2%
Board Rating: B

• On August 25, 2025, Eric Elema was appointed as Executive Vice President, Chief Financial Officer and Assistant Secretary, succeeding John T. Guthrie, who will retire from the same role on January 1, 2026.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (SITE)
• Cyber Incident(s) within the last year
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections

Ticker: SWKS
Mkt Cap: $11.1B
1-Yr TSR: -27.6%
Board Rating: C-

• Philip Carter is re-joining Skyworks Solutions, Inc. as Senior Vice President and Chief Financial Officer, effective September 8, 2025, succeeding Robert A. Schriesheim who served as Interim CFO.  (view source)

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Bankruptcy Alert: 2 directors have bankruptcy histories (SWKS)
• Bankruptcy Alert: Current CFO has bankruptcy history (SWKS)
• CFO Tenure Was Under 2 Years: Philip G Brace
• CFO Tenure Was Under 2 Years: Robert A Schriesheim
• High Activist Vulnerability Risk Score (99)
• Significant Stock Drop(s) in past 2 years

Ticker: AOS
Mkt Cap: $10.0B
1-Yr TSR: -11.5%
Board Rating: C

• On August 28, 2025, James F. Stern will transition to Executive Vice President, Corporate Development, Strategy and Secretary, while Paul J. Jones will become Senior Vice President, General Counsel and Chief Compliance Officer, effective October 1, 2025.  (view source)

• Director Elections: < 95% average votes FOR
• Gov Risk: Multi-Class Shares
• Gov Risk: No lead independent director

Ticker: SYBT
Mkt Cap: $2.4B
1-Yr TSR: 38.1%
Board Rating: B+

• David L. Hardy has been appointed to the Board of Directors of Stock Yards Bancorp, Inc. effective October 21, 2025, filling the vacancy left by the retirement of David Heintzman.  (view source)

• Gov Risk: Chairman is not independent
• Limited external board experience
• SEC Correspondence in the last year

Ticker: TPL
Mkt Cap: $21.2B
1-Yr TSR: 6.4%
Board Rating: B

• Eric L. Oliver will not stand for reelection to the Board of Directors at the 2025 annual meeting but will continue to serve until then.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (TPL)
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: More than one Director over 75
• Gov Risk: No lead independent director
• Negative Say-On-Pay Vote: 88% For
• SEC No Action letter: Responses
• SEC No Action letter(s) in the last 2 years

Ticker: TFSL
Mkt Cap: $4.0B
1-Yr TSR: 15.1%
Board Rating: C-

• On August 28, 2025, TFS Financial Corporation announced leadership changes effective September 1, 2025, including Andrew J. Rubino as Chief Operating Officer and Michael J. Carfagna as Chief Information Officer.  (view source)

• Gov Risk: Average Director tenure over 10 years
• 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
• Limited external board experience
• Pledging

Ticker: TKR
Mkt Cap: $5.4B
1-Yr TSR: -6.2%
Board Rating: B-

• Lucian Boldea will become CEO of The Timken Company on September 1, 2025, while Richard G. Kyle will retire from his interim CEO role but continue as an advisor until November 14, 2025.  (view source)

• CEO Tenure Was Under 2 Years: Richard G Kyle
• CEO Tenure Was Under 2 Years: Tarak Mehta
• Executive Termination(s) within the last year
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Entrenched Board
• High Activist Vulnerability Risk Score (92)
• Negative Say-On-Pay Vote: 82% For
• SEC No Action letter(s) in the last 2 years
• Settlement Agreement
• Workforce Reduction

Ticker: TMUS
Mkt Cap: $282.0B
1-Yr TSR: 27.0%
Board Rating: A-

• T-Mobile US, Inc. announced several leadership changes, including André Almeida’s appointment as President of Growth and Emerging Businesses, John Saw’s promotion to President of Technology, and Callie Field’s decision to step down as President of Business Group.  (view source)

• 13D filed in the last 6 months
• Cyber Incident(s) within the last year
• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Pledging
• SEC Correspondence in the last year
• Workforce Reduction

Ticker: MODG
Mkt Cap: $1.8B
1-Yr TSR: -2.8%
Board Rating: C-

• Scott M. Marimow resigned as a director of Topgolf Callaway Brands Corp. on August 25, 2025.  (view source)

• Bankruptcy Alert: 2 directors have bankruptcy histories (MODG)
• Gov Risk: Entrenched Board
• High Activist Vulnerability Risk Score (93)
• Significant Stock Drop(s) in past 2 years

Ticker: TRNS
Mkt Cap: $787.4M
1-Yr TSR: -31.4%
Board Rating: C+

• Lee D. Rudow is transitioning from President and CEO to a senior advisor role upon his retirement, effective at the end of fiscal 2026.  (view source)

• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• High CFO Turnover
• Limited external board experience
• Significant Stock Drop(s) in past 2 years

Ticker: TRUE
Mkt Cap: $191.9M
1-Yr TSR: -26.7%
Board Rating: C

• On August 28, 2025, Jay Ku was terminated from his role as Chief Revenue Officer of TrueCar, Inc., effective September 1, 2025.  (view source)

• Amended Filings (10-K/A) within the last year
• Cyber Incident(s) within the last year
• Director Elections: < 95% average votes FOR
• Executive Termination(s) within the last year
• Gov Risk: Classified Board / Staggered Director Elections
• High CFO Turnover
• Hot Seat Risk Score – CEO: Elevated (65)
• Negative Say-On-Pay Vote: 82% For
• SEC No Action letter(s) in the last 2 years
• Settlement Agreement
• Workforce Reduction

Ticker: UHAL
Mkt Cap: $11.1B
1-Yr TSR: -19.4%
Board Rating: C

• At the 2025 Annual Meeting of Stockholders, eight individuals were elected as directors of U-Haul Holding Company.  (view source)

• Cyber Incident(s) within the last year
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• Gov Risk: More than one Director over 75
• Gov Risk: No lead independent director
• Gov Risk: No new Directors in last 5 years
• High Activist Vulnerability Risk Score (88)
• Limited external board experience
• Pledging
• SEC Correspondence in the last year
• Stock Alert: 52-week low at $56.67

Ticker: VZ
Mkt Cap: $185.2B
1-Yr TSR: 13.7%
Board Rating: C

• On August 25, 2025, Jennifer K. Mann was elected as a director of Verizon Communications Inc.  (view source)

• Cyber Incident(s) within the last year
• High Activist Vulnerability Risk Score (89)
• Merger Agreement
• Pledging
• SEC Correspondence in the last year
• SEC No Action letter: Requests
• SEC No Action letter: Responses
• SEC No Action letter(s) in the last 2 years

Ticker: VOR
Mkt Cap: $254.6M
1-Yr TSR: 133.7%
Board Rating: C-

• Joshua Resnick, M.D., Matthew Patterson, and David Lubner resigned as Directors, while Sarah Reed was appointed as a Director.  (view source)

• 13D filed in the last 6 months
• Executive Termination(s) within the last year
• Going Concern Risk Filings in the last year
• Gov Risk: Classified Board / Staggered Director Elections
• High CFO Turnover
• Immediate Resignation
• Internal Control Risk
• Overboarding
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: WBA
Mkt Cap: $10.4B
1-Yr TSR: 31.4%
Board Rating: D

• Several individuals resigned from the board, while others were appointed as directors and executives following a merger.  (view source)

• 13D filed in the last 6 months
• Abnormally High 8-K Filings
• CEO Tenure Was Under 2 Years: Timothy C Wentworth
• High Activist Vulnerability Risk Score (100)
• Merger Agreement
• SEC No Action letter(s) in the last 2 years
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: XFOR
Mkt Cap: $47.0M
1-Yr TSR: -80.2%
Board Rating: C-

• On August 22, 2025, David McGirr and R. Keith Woods resigned from the board of directors, while Michael Wyzga was appointed as chair of the audit committee, and Francoise de Craecker and Gary Bridger were appointed as members of the audit committee.  (view source)

• 13D filed in the last 6 months
• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Gov Risk: Classified Board / Staggered Director Elections
• Negative Say-On-Pay Vote: 84% For
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: XPOF
Mkt Cap: $407.8M
1-Yr TSR: -36.4%
Board Rating: C-

• On August 25, 2025, Rachel Lee was appointed as a Class I Director and member of the Nominating and Corporate Governance Committee of Xponential Fitness, Inc.  (view source)

• 13D filed in the last 6 months
• Abnormally High 8-K Filings
• Amended Filings (10-Q/A, 10-K/A) within the last year
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (80)
• Internal Control Risk
• Non-Reliance / Restatement in last year
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: YELP
Mkt Cap: $2.0B
1-Yr TSR: -10.4%
Board Rating: B-

• On August 19, 2025, Logan Green was appointed as an independent director of Yelp Inc., increasing the Board size to nine members.  (view source)

• Cyber Incident(s) within the last year
• Gov Risk: Classified Board / Staggered Director Elections
• Settlement Agreement

Ticker: YORW
Mkt Cap: $447.5M
1-Yr TSR: -17.8%
Board Rating: C-

• Mr. William T. Yanavitch II has been appointed as a new independent director of The York Water Company, effective September 1, 2025.  (view source)

• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: No lead independent director
• Limited external board experience
• SEC Correspondence in the last year
• Workforce Reduction

Ticker: YUM
Mkt Cap: $40.4B
1-Yr TSR: 9.1%
Board Rating: C+

• On August 22, 2025, David Gibbs resigned as a director of Yum! Brands, effective October 1, 2025, and Christopher Turner was appointed as a director, also effective October 1, 2025.  (view source)

• Cyber Incident(s) within the last year
• SEC No Action letter: Requests
• SEC No Action letter: Responses
• SEC No Action letter(s) in the last 2 years

Ticker: ZNTL
Mkt Cap: $127.0M
1-Yr TSR: -45.8%
Board Rating: D

• Andrea Paul is resigning as Chief Legal Officer and Corporate Secretary, effective September 18, 2025, and James B. Bucher is appointed as the new Chief Legal Officer and Corporate Secretary, effective the same date.  (view source)

• CFO Tenure Was Under 2 Years: Cam Gallagher
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (99)
• Negative Say-On-Pay Vote: 62% For
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction