Executive Moves Update – June 20, 2025

Ticker: ALNY
Mkt Cap: $40.7B
1-Yr TSR: 103.0%
Board Rating: C+

• On June 12, 2025, Pushkal Garg, M.D. was appointed as Executive Vice President, Chief Research and Development Officer, and Kevin Fitzgerald, Ph.D. had his responsibilities expanded to include external innovation.

• Bankruptcy Alert: 1 director has a bankruptcy history (ALNY)
• 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: No lead independent director
• SEC Correspondence in the last year
• Stock Alert: All-time high at $312.32

Ticker: AEP
Mkt Cap: $54.1B
1-Yr TSR: 19.9%
Board Rating: B-

• David Feinberg will transition from executive vice president and general counsel to senior advisor to the CEO, effective July 14, 2025, before departing from AEP on August 15, 2025.

• CEO Tenure Was Under 2 Years: Benjamin G S Fowke III
• CFO Tenure Was Under 2 Years: Charles E Zebula
• Cooperation Agreement in the last 2 years
• High CFO Turnover
• SEC Correspondence in the last year
• SEC Investigation Related
• Settlement Agreement
• Workforce Reduction

Ticker: ANET
Mkt Cap: $113.3B
1-Yr TSR: 6.1%
Board Rating: A

• Todd Nightingale has been appointed as President and Chief Operating Officer of Arista Networks, Inc., effective July 1, 2025.

• Bankruptcy Alert: 1 director has a bankruptcy history (ANET)
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Negative Say-On-Pay Vote: 62% For
• Overboarding
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

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

• On June 11, 2025, Grant Kvalheim was appointed as CEO of Athene Holding Ltd., and James R. Belardi transitioned to Executive Chairman, both effective July 1, 2025.

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

Ticker: BWXT
Mkt Cap: $12.8B
1-Yr TSR: 52.9%
Board Rating: B

• On June 16, 2025, BWX Technologies, Inc. appointed Kevin M. McCoy as Chief Nuclear Officer and Joseph K. Miller as President, Government Operations.

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Gov Risk: Classified Board / Staggered Director Elections
• Stock Alert: All-time high at $141.12

Ticker: CIEN
Mkt Cap: $10.4B
1-Yr TSR: 58.5%
Board Rating: B-

• Ciena Corporation announced the appointment of Marc D. Graff as Senior Vice President and Chief Financial Officer, effective August 1, 2025, following the retirement of James E. Moylan, Jr.

• Director Elections: < 95% average votes FOR
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Entrenched Board
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: C
Mkt Cap: $146.3B
1-Yr TSR: 33.3%
Board Rating: C

• On June 16, 2025, Jonathan Moulds was elected as a director of Citigroup and appointed to the Risk Management Committee and Transformation Oversight Committee.

• Abnormally High 8-K Filings
• High Activist Vulnerability Risk Score (78)
• 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
• Settlement Agreement

Ticker: CAG
Mkt Cap: $10.3B
1-Yr TSR: -21.1%
Board Rating: C-

• Fran Horowitz will not stand for reelection to the Board of Directors at the 2025 Annual Meeting of Shareholders but will continue to serve through her current term.

• Failed Say-On-Pay Vote: 44% For
• High Activist Vulnerability Risk Score (95)
• 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
• Settlement Agreement
• Stock Alert: 52-week low at $21.50

Ticker: DRI
Mkt Cap: $26.1B
1-Yr TSR: 51.7%
Board Rating: B+

• Dan Kiernan is retiring as President of Olive Garden, effective August 31, 2025, and John Wilkerson is appointed as the new President of Olive Garden, effective September 1, 2025.

• Bankruptcy Alert: 2 directors have bankruptcy histories (DRI)
• Merger Agreement
• SEC No Action letter: Requests
• SEC No Action letter: Responses
• SEC No Action letter(s) in the last 2 years
• Stock Alert: All-time high at $224.78

Ticker: GXO
Mkt Cap: $4.9B
1-Yr TSR: -9.3%
Board Rating: D

• Patrick Kelleher has been appointed as the CEO of GXO Logistics, Inc., effective August 19, 2025.

• Director Elections: < 95% average votes FOR
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (98)
• Negative Say-On-Pay Vote: 89% For
• Overboarding
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: IR
Mkt Cap: $32.6B
1-Yr TSR: -14.5%
Board Rating: B-

• On June 12, 2025, Mr. Michael Weatherred expanded his role to Senior Vice President PST Segment, Demand Generation and Execution at Ingersoll Rand Inc.

• Gov Risk: Classified Board / Staggered Director Elections
• SEC No Action letter(s) in the last 2 years
• Workforce Reduction

Ticker: INTU
Mkt Cap: $210.6B
1-Yr TSR: 24.6%
Board Rating: B+

• Laura Fennell will transition to a new role effective July 31, 2025, while continuing her employment until September 1, 2027.

• Settlement Agreement
• Short Report: Spruce Point Management
• Workforce Reduction

Ticker: KHC
Mkt Cap: $30.4B
1-Yr TSR: -17.3%
Board Rating: C-

• On June 12, 2025, Vince Garlati will step down as Vice President, Global Controller and Principal Accounting Officer, and Chris Asher will succeed him in that role effective June 22, 2025.

• High Activist Vulnerability Risk Score (93)
• SEC No Action letter(s) in the last 2 years
• Stock Alert: 52-week low at $25.68

Ticker: LOGI
Mkt Cap: $12.5B
1-Yr TSR: -13.5%
Board Rating: C+

• On June 17, 2025, Mr. Guy Gecht was nominated for election as the new chairperson of Logitech International S.A. at the 2025 Annual General Meeting.

• CFO Tenure Was Under 2 Years: Meeta Sunderwala
• High CFO Turnover
• Hot Seat Risk Score – CEO: Elevated (63)
• Negative Say-On-Pay Vote: 79% For
• Workforce Reduction

Ticker: MS
Mkt Cap: $212.6B
1-Yr TSR: 40.2%
Board Rating: B+

• Lynn J. Good has been elected to the Board of Directors of Morgan Stanley, effective July 18, 2025.

• 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: NKE
Mkt Cap: $87.8B
1-Yr TSR: -35.9%
Board Rating: C-

• Cathleen Benko is retiring from the Board of Directors of NIKE, Inc. effective at the 2025 annual meeting of shareholders.

• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: Multi-Class Shares
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (100)
• Negative Say-On-Pay Vote: 83% For
• SEC No Action letter: Requests
• SEC No Action letter(s) in the last 2 years
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: NTNX
Mkt Cap: $19.7B
1-Yr TSR: 37.8%
Board Rating: A

• Brian Stevens is resigning as a director of Nutanix, Inc., effective June 16, 2025.

• 13D filed in the last 6 months
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Entrenched Board
• Negative Say-On-Pay Vote: 73% For
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: ONTO
Mkt Cap: $4.7B
1-Yr TSR: -57.7%
Board Rating: C+

• Brian Roberts has been appointed as the Chief Financial Officer of Onto Innovation Inc., effective June 16, 2025.

• Executive Termination(s) within the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: PBI
Mkt Cap: $1.9B
1-Yr TSR: 118.8%
Board Rating: A+

• Brent Rosenthal was appointed to the Board of Directors of Pitney Bowes Inc. on June 16, 2025.

• 13D filed in the last 6 months
• CEO Tenure Was Under 2 Years: Lance Rosenzweig
• CFO Tenure Was Under 2 Years: John Witek
• Cooperation Agreement in the last 2 years
• Director Elections: < 95% average votes FOR
• High CFO Turnover
• Settlement Agreement
• Workforce Reduction

Ticker: PLD
Mkt Cap: $97.5B
1-Yr TSR: -2.1%
Board Rating: B

• Joseph Ghazal, Chief Investment Officer, is exiting his role effective July 1, 2025.

• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• High Activist Vulnerability Risk Score (82)
• SEC No Action letter(s) in the last 2 years

Ticker: WHR
Mkt Cap: $5.1B
1-Yr TSR: 10.6%
Board Rating: C-

• Judith K. Buckner has been appointed as a director of Whirlpool Corporation, effective immediately, and will serve on the Corporate Governance and Nominating Committee and Human Resources Committee.

• Director Elections: < 95% average votes FOR
• High Activist Vulnerability Risk Score (90)
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: XEL
Mkt Cap: $38.2B
1-Yr TSR: 29.0%
Board Rating: C

• Rob Berntsen is exiting his role as Executive Vice President, Chief Legal and Compliance Officer at Xcel Energy, and Ryan Long is entering the same role effective June 16, 2025.

• Bankruptcy Alert: 1 director has a bankruptcy history (XEL)
• Gov Risk: Chairman is not independent
• Workforce Reduction

Ticker: YUM
Mkt Cap: $38.5B
1-Yr TSR: 4.2%
Board Rating: C+

• On June 13, 2025, Christopher Turner was elected as CEO of Yum! Brands, effective October 1, 2025, while David Gibbs will transition to a non-executive advisory role.

• 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