Executive Moves Update – October 10, 2025

Ticker: ACHC
Mkt Cap: $2.3B
1-Yr TSR: -53.7%
Board Rating: C-

• Todd Young has been appointed as Chief Financial Officer of Acadia Healthcare Company, effective October 27, 2025.  (view source)

• 13D filed in the last 6 months
• CFO Tenure Was Under 2 Years: Timothy Sides
• Class Action
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (94)
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: ACHV
Mkt Cap: $167.6M
1-Yr TSR: -35.9%
Board Rating: C

• Dr. Cindy Jacobs is resigning as Chief Medical Officer and President, effective October 6, 2025, and will serve as a consultant with the company following her resignation.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (ACHV)
• Bankruptcy Alert: Current CFO has bankruptcy history (ACHV)
• CFO Tenure Was Under 2 Years: Richard Alistair Stewart
• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Gov Risk: Chairman is not independent
• High CFO Turnover
• Immediate Resignation
• Limited external board experience
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: ATGE
Mkt Cap: $5.2B
1-Yr TSR: 96.3%
Board Rating: A-

• Dr. Karen Cox will be retiring as President of Chamberlain University after nearly 40 years in healthcare and nursing education, transitioning from her role once a successor is found.  (view source)

• Rule 10b5-1 Entered
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time high at $154.45
• Workforce Reduction

Ticker: MO
Mkt Cap: $110.4B
1-Yr TSR: 40.4%
Board Rating: B+

• George Muñoz is retiring from the Board of Directors of Altria Group, Inc. effective after the 2026 Annual Meeting of Shareholders.  (view source)

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• SEC No Action letter(s) in the last 2 years
• Settlement Agreement

Ticker: AMCR
Mkt Cap: $18.0B
1-Yr TSR: -26.4%
Board Rating: D

• Michael Casamento will step down as Executive Vice President and CFO effective November 10, 2025, and will be replaced by Stephen R. Scherger who has been appointed to the same role, effective the same date.  (view source)

• Abnormally High 8-K Filings
• Bankruptcy Alert: 1 director has a bankruptcy history (AMCR)
• Cyber Incident(s) within the last year
• High Activist Vulnerability Risk Score (97)
• SEC Correspondence in the last year
• Settlement Agreement
• Stock Alert: 52-week low at $7.82

Ticker: AERG
Mkt Cap: $13.9M
1-Yr TSR: 119.5%

• Applied Energetics has appointed Dr. David Spence as Chief Product Officer effective October 3, 2025.  (view source)

• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Internal Control Risk

Ticker: ARKO
Mkt Cap: $430.7M
1-Yr TSR: -44.1%
Board Rating: C+

• Jordan Mann has been appointed as the interim Chief Financial Officer of ARKO Corp., effective October 10, 2025, succeeding Robert Giammatteo, who is exiting the role.  (view source)

• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Negative Say-On-Pay Vote: 73% For
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: AZO
Mkt Cap: $66.4B
1-Yr TSR: 26.1%
Board Rating: A

• On October 8, 2025, William C. Rhodes, III is transitioning from Executive Chairman of the Board to Chairman, effective January 2026.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (AZO)
• Bankruptcy Alert: Current CFO has bankruptcy history (AZO)
• Cyber Incident(s) within the last year
• Gov Risk: Chairman is not independent
• Negative Say-On-Pay Vote: 89% For

Ticker: BBGI
Mkt Cap: $11.1M
1-Yr TSR: -50.5%
Board Rating: C

• On October 9, 2025, Lauren Burrows Coleman resigned as CFO of Beasley Broadcast Group, effective October 17, 2025. Caroline Beasley will serve as interim principal financial officer and Shaun Greening will serve as principal accounting officer, both effective October 17, 2025.  (view source)

• 13D filed in the last 6 months
• CFO Tenure Was Under 2 Years: Lauren Burrows Coleman
• Director Elections: < 95% average votes FOR
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• Gov Risk: Multi-Class Shares
• High Activist Vulnerability Risk Score (85)
• Listing Rule Violation: Minimum Bid
• Significant Stock Drop(s) in past 2 years

Ticker: BHE
Mkt Cap: $1.3B
1-Yr TSR: -12.9%
Board Rating: B-

• On October 7, 2025, Dr. Michael Slessor was appointed as an independent director of Benchmark Electronics, Inc. following the passing of Mr. Robert Gifford.  (view source)

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Cyber Incident(s) within the last year
• Deceased Person Disclosure
• Workforce Reduction

Ticker: BGC
Mkt Cap: $4.3B
1-Yr TSR: -3.8%
Board Rating: C+

• Howard W. Lutnick has completed his divestiture and no longer holds any voting power over BGC Group, Inc., while Brandon G. Lutnick gains significant beneficial ownership.  (view source)

• 13D filed in the last 6 months
• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Gov Risk: Chairman is not independent
• Gov Risk: Multi-Class Shares
• Gov Risk: No lead independent director
• Limited external board experience
• Overboarding
• SEC Correspondence in the last year
• Workforce Reduction

Ticker: BILL
Mkt Cap: $5.2B
1-Yr TSR: -6.7%
Board Rating: C-

• Raj Aji will commence medical leave on October 13, 2025, after which he intends to retire from his role as Chief Legal Officer and Chief Compliance Officer at BILL Holdings, Inc.  (view source)

• 13D filed in the last 6 months
• Bankruptcy Alert: 1 director has a bankruptcy history (BILL)
• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (96)
• Negative Say-On-Pay Vote: 87% For
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: CPB
Mkt Cap: $8.9B
1-Yr TSR: -34.3%
Board Rating: C-

• On October 7, 2025, Todd E. Cunfer was appointed as Executive Vice President and Chief Financial Officer of The Campbell’s Company, effective October 20, 2025, while Carrie L. Anderson will be exiting her role as Executive Vice President and Chief Financial Officer on the same date.  (view source)

• High Activist Vulnerability Risk Score (86)
• Stock Alert: 52-week low at $29.89

Ticker: PRTS
Mkt Cap: $41.4M
1-Yr TSR: -16.7%
Board Rating: C-

• Henry Maier and James Barnes exited from the Board of Directors of CarParts.com, Inc. effective October 7, 2025.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (PRTS)
• Cyber Incident(s) within the last year
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (76)
• Hot Seat Risk Score – CEO: Elevated (69)
• Listing Rule Violation: Minimum Bid
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: RNAC
Mkt Cap: $262.6M
1-Yr TSR: -54.5%
Board Rating: C-

• On October 2, 2025, June Seymour was appointed as Chief Accounting Officer at Cartesian Therapeutics, effective October 27, 2025.  (view source)

• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: More than one Director over 75
• Gov Risk: No lead independent director
• High CFO Turnover
• Internal Control Risk
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: BNC
Mkt Cap: $437.3M
1-Yr TSR: 47.9%
Board Rating: C-

• Carly E. Howard has been appointed as a director of CEA Industries Inc.’s Board of Directors effective October 1, 2025.  (view source)

• 13D filed in the last 6 months
• Abnormally High 8-K Filings
• Gov Risk: Chairman is not independent
• Gov Risk: No lead independent director
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Limited external board experience
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: CNP
Mkt Cap: $25.5B
1-Yr TSR: 33.5%
Board Rating: B

• Jason P. Wells has been appointed as Chair of the Board and Christopher H. Franklin has been appointed as Lead Director of the Board, both effective immediately on October 8, 2025.  (view source)

• Abnormally High 8-K Filings
• Bankruptcy Alert: 1 director has a bankruptcy history (CNP)
• Bankruptcy Alert: Current CEO has bankruptcy history (CNP)
• Cyber Incident(s) within the last year
• Gov Risk: No lead independent director
• Limited external board experience
• Settlement Agreement

Ticker: IMG
Mkt Cap: $46.5M
1-Yr TSR: -35.0%
Board Rating: D

• Mr. Wenlong Tong has been appointed as President of CIMG Inc., effective October 5, 2025.  (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 CFO Turnover
• Hot Seat Risk Score – CEO: Elevated (79)
• 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: CFG
Mkt Cap: $22.4B
1-Yr TSR: 30.0%
Board Rating: B-

• On October 7, 2025, Ted Swimmer was named Head of Commercial Banking, succeeding Don McCree, who will retire in March 2026, but will remain as Chair of Commercial Banking until then.  (view source)

• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• Negative Say-On-Pay Vote: 58% For

Ticker: CMRC
Mkt Cap: $391.6M
1-Yr TSR: -13.5%
Board Rating: D

• Russell Klein will retire from his position as Chief Commercial Officer effective November 1, 2025, and Michaela Weber will assume his responsibilities.  (view source)

• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (80)
• Hot Seat Risk Score – CEO: Elevated (63)
• Internal Control Risk
• Negative Say-On-Pay Vote: 53% For
• Workforce Reduction

Ticker: CAG
Mkt Cap: $8.8B
1-Yr TSR: -33.1%
Board Rating: D

• On October 2, 2025, Melissa Napier was appointed as Senior Vice President, Corporate Controller of Conagra Brands, Inc., effective upon the departure of William E. Johnson on October 17, 2025.  (view source)

• High Activist Vulnerability Risk Score (94)
• Negative Say-On-Pay Vote: 88% For
• SEC Correspondence in the last year
• SEC No Action letter(s) in the last 2 years

Ticker: CNDT
Mkt Cap: $421.8M
1-Yr TSR: -35.2%
Board Rating: C-

• Michael McDaniel was terminated from his position as Executive Vice President of Commercial Solutions effective October 7, 2025.  (view source)

• Cyber Incident(s) within the last year
• Executive Termination(s) within the last year
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (76)
• High CFO Turnover
• SEC No Action letter(s) in the last 2 years
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: CWCO
Mkt Cap: $532.9M
1-Yr TSR: 37.7%
Board Rating: A-

• On October 1, 2025, Consolidated Water Co. Ltd. appointed Kim Adamson, Maria Elena Giner, and Gerónimo Gutiérrez Fernández as directors, expanding the Board of Directors from eight to 11 members.  (view source)

• Director Elections: < 95% average votes FOR
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Entrenched Board
• Ind. Accountant Resigned
• Internal Control Risk
• Limited external board experience
• Overboarding
• Settlement Agreement

Ticker: CORT
Mkt Cap: $9.3B
1-Yr TSR: 92.3%
Board Rating: A

• Dr. Gillian Cannon resigned from the Board of Directors of Corcept Therapeutics, effective October 10, 2025, and will provide consulting services thereafter.  (view source)

• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Entrenched Board
• Gov Risk: More than one Director over 75
• Significant Stock Drop(s) in past 2 years

Ticker: CNR
Mkt Cap: $5.0B
1-Yr TSR: -8.0%
Board Rating: C

• James A. Brock was appointed as CEO of Core Natural Resources, effective October 6, 2025, and Paul A. Lang resigned from the Board on the same date, transitioning to a consulting role.  (view source)

• Bankruptcy Alert: 2 directors have bankruptcy histories (CNR)
• CEO Tenure Was Under 2 Years: Paul A Lang
• Gov Risk: More than one Director over 75
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (83)
• SEC Correspondence in the last year
• Settlement Agreement

Ticker: GLW
Mkt Cap: $74.7B
1-Yr TSR: 90.6%
Board Rating: B

• On October 7, 2025, Ms. Ami Badani was elected as a director of Corning Incorporated, effective immediately.  (view source)

• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• Negative Say-On-Pay Vote: 85% For

Ticker: DBI
Mkt Cap: $162.5M
1-Yr TSR: -42.6%
Board Rating: C-

• Jared A. Poff is resigning as Executive Vice President, CFO, and Chief Administrative Officer effective October 31, 2025, and Mark A. Haley has been appointed as interim Principal Financial Officer effective November 1, 2025.  (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
• Pledging
• Significant Stock Drop(s) in past 2 years

Ticker: DBD
Mkt Cap: $2.2B
1-Yr TSR: 30.8%
Board Rating: A-

• On October 8, 2025, Diebold Nixdorf announced several leadership changes including Joe Myers transitioning to Chief Revenue Officer, Ilhami Cantadurucu exiting the company, and Frank Baur transitioning to Chief Operating Officer, effective January 1, 2026.  (view source)

• 13D filed in the last 6 months
• High CFO Turnover
• SEC Correspondence in the last year

Ticker: DY
Mkt Cap: $8.4B
1-Yr TSR: 52.3%
Board Rating: B

• Mr. Phillip R. Gallagher was appointed to the Board of Directors of Dycom Industries, Inc. on October 7, 2025, effective immediately.  (view source)

• Executive Termination(s) within the last year
• Gov Risk: Classified Board / Staggered Director Elections
• Short Report: Spruce Point Management
• Stock Alert: All-time high at $294.09

Ticker: EMN
Mkt Cap: $7.0B
1-Yr TSR: -42.0%
Board Rating: C-

• Chris M. Killian is retiring as Senior Vice President – Chief Technology and Sustainability Officer effective December 31, 2025, while Stephen G. Crawford is returning to take on roles transitioning from Executive Vice President of Technology Projects to Executive Vice President – Chief Technology Officer and Chief Sustainability Officer.  (view source)

• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• High Activist Vulnerability Risk Score (87)
• Significant Stock Drop(s) in past 2 years

Ticker: EPIX
Mkt Cap: $9.5M
1-Yr TSR: -89.0%
Board Rating: C

• On October 9, 2025, all directors of ESSA Pharma Inc. resigned from their positions due to the completion of a business arrangement, and Jon Adkins became the sole director of the surviving corporation.  (view source)

• 13D filed in the last 6 months
• Class Action
• Limited external board experience
• Merger Agreement
• Negative Say-On-Pay Vote: 72% For
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time low at $0.19
• Workforce Reduction

Ticker: AGM
Mkt Cap: $1.8B
1-Yr TSR: -9.1%
Board Rating: B

• On September 30, 2025, Jeffrey Kaufmann was nominated to the Farmer Mac Board of Directors, while Chester Culver’s position on the Board was ended effective immediately.  (view source)

• Abnormally High 8-K Filings
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Entrenched Board
• Gov Risk: More than one Director over 75
• Limited external board experience
• Stock Alert: 52-week low at $157.51

Ticker: FMCC
Mkt Cap: $7.8B
1-Yr TSR: 964.0%
Board Rating: A-

• Brandon Hamara resigned from the Board of Directors of Freddie Mac, effective October 6, 2025.  (view source)

• Abnormally High 8-K Filings
• CEO Tenure Was Under 2 Years: Diana Reid
• CEO Tenure Was Under 2 Years: Michael T Hutchins
• Internal Control Risk
• Significant Stock Drop(s) in past 2 years

Ticker: FNMA
Mkt Cap: $14.1B
1-Yr TSR: 975.2%
Board Rating: A-

• Brandon Hamara was appointed to Fannie Mae’s Board of Directors and as Senior Vice President and Head of Operations for Single-Family and Multifamily.  (view source)

• High CFO Turnover
• Internal Control Risk
• Significant Stock Drop(s) in past 2 years

Ticker: FLXS
Mkt Cap: $224.6M
1-Yr TSR: 3.2%
Board Rating: A-

• Thomas M. Levine intends to resign from the Board of Directors effective December 10, 2025.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (FLXS)
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• High CFO Turnover

Ticker: FRPT
Mkt Cap: $2.4B
1-Yr TSR: -64.1%
Board Rating: C+

• On October 3, 2025, Todd Cunfer announced his resignation as CFO effective October 17, 2025, and Ivan Garcia was appointed as interim CFO effective the same date.  (view source)

• Significant Stock Drop(s) in past 2 years

Ticker: FUL
Mkt Cap: $3.1B
1-Yr TSR: -24.7%
Board Rating: C-

• Celine Martin has been elected as a Class III director at H.B. Fuller Company, effective December 1, 2025.  (view source)

• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (75)
• Workforce Reduction

Ticker: GPK
Mkt Cap: $5.4B
1-Yr TSR: -35.9%
Board Rating: C+

• On October 6, 2025, Mr. Stephen R. Scherger resigned as CFO, effective November 7, 2025, and Mr. Charles D. Lischer was appointed as Interim CFO effective the same date.  (view source)

• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Significant Stock Drop(s) in past 2 years
• Stock Alert: 52-week low at $18.13
• Workforce Reduction

Ticker: HALO
Mkt Cap: $7.6B
1-Yr TSR: 28.5%
Board Rating: A-

• Cortney Caudill was appointed as Senior Vice President, Chief Operating Officer at Halozyme Therapeutics, Inc. on October 1, 2025.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (HALO)
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: No lead independent director
• Merger Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: HROW
Mkt Cap: $1.5B
1-Yr TSR: -20.4%
Board Rating: B

• On October 6, 2025, John Saharek ceased serving as President and CEO of ImprimisRx, LLC and transitioned to a non-officer leadership role within Harrow, Inc.  (view source)

• Abnormally High 8-K Filings
• 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
• Ind. Accountant Dismissed
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Merger Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: HLI
Mkt Cap: $13.3B
1-Yr TSR: 15.6%
Board Rating: B+

• On September 30, 2025, R. Scott Mund was appointed as an independent Class II director of Houlihan Lokey, effective October 1, 2025.  (view source)

• 13D filed in the last 6 months
• Bankruptcy Alert: 2 directors have bankruptcy histories (HLI)
• Director Elections: < 95% average votes FOR
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Multi-Class Shares

Ticker: IDXX
Mkt Cap: $50.3B
1-Yr TSR: 32.5%
Board Rating: B+

• Karen Peacock was elected as an independent Class I Director of IDEXX Laboratories, Inc. effective October 6, 2025, and appointed to the Compensation and Talent Committee and Finance Committee.  (view source)

• Bankruptcy Alert: 2 directors have bankruptcy histories (IDXX)
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• SEC Correspondence in the last year

Ticker: IRWD
Mkt Cap: $287.5M
1-Yr TSR: -58.0%
Board Rating: C-

• On October 7, 2025, Andrew Dreyfus announced his resignation from the Board of Directors, effective November 1, 2025, due to his appointment as President and CEO of NIHCM Foundation.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (IRWD)
• CFO Tenure Was Under 2 Years: Thomas A McCourt
• Failed to File Annual/Quarterly Report
• Gov Risk: Classified Board / Staggered Director Elections
• High CFO Turnover
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Listing Rule Violation: Minimum Bid
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: JXN
Mkt Cap: $7.0B
1-Yr TSR: 3.7%
Board Rating: A

• Craig D. Smith is retiring as President and CEO of PPM America, Inc. effective December 31, 2025, with Christopher A. Raub transitioning to interim leader. Marcia Wadsten is retiring as Senior Advisor and former CFO effective September 26, 2025.  (view source)

• Limited external board experience

Ticker: KLTR
Mkt Cap: $230.2M
1-Yr TSR: 13.7%
Board Rating: B-

• John Doherty, CFO of Kaltura, is resigning effective December 5, 2025, to join a medical technology company, while also serving as an advisor until March 31, 2026.  (view source)

• CFO Tenure Was Under 2 Years: John N Doherty
• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Internal Control Risk
• Limited external board experience
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: KALV
Mkt Cap: $596.7M
1-Yr TSR: 5.1%
Board Rating: C+

• On October 6, 2025, Bilal Arif was appointed as the Chief Operating Officer of KalVista Pharmaceuticals, Inc.  (view source)

• 13D filed in the last 6 months
• Bankruptcy Alert: 1 director has a bankruptcy history (KALV)
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Negative Say-On-Pay Vote: 89% For

Ticker: KRRO
Mkt Cap: $438.9M
1-Yr TSR: 31.2%
Board Rating: C

• Vineet Agarwal is exiting as CFO of Korro Bio, Inc. on October 17, 2025, and Dr. Ram Aiyar is entering as interim CFO effective the same day.  (view source)

• CFO Tenure Was Under 2 Years: Vineet Agarwal
• 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 CFO Turnover
• Overboarding
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: LEGH
Mkt Cap: $525.1M
1-Yr TSR: -15.3%
Board Rating: B-

• On October 6, 2025, Jeffrey M. Fiedelman resigned as CFO, effective October 10, 2025, and Ronald C. Arrington was appointed as Interim CFO effective upon Fiedelman’s resignation.  (view source)

• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: No lead independent director
• High CFO Turnover
• Internal Control Risk
• Limited external board experience
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: LMND
Mkt Cap: $4.0B
1-Yr TSR: 227.0%
Board Rating: C

• On October 6, 2025, Mr. Geoff Seeley was appointed as a Class I director of Lemonade, Inc.  (view source)

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

Ticker: HZO
Mkt Cap: $537.4M
1-Yr TSR: -14.8%
Board Rating: C

• On October 9, 2025, Charles A. Cashman transitioned from Chief Revenue Officer to Senior Vice President of Global Yacht Sales at MarineMax, Inc.  (view source)

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Cyber Incident(s) within the last year
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (82)
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: MRTN
Mkt Cap: $879.6M
1-Yr TSR: -34.6%
Board Rating: C+

• Timothy M. Kohl is retiring as CEO of Marten Transport, Ltd. on September 30, 2025.  (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
• High Activist Vulnerability Risk Score (86)
• Limited external board experience
• Stock Alert: 52-week low at $10.47

Ticker: MAZE
Mkt Cap: $1.3B
1-Yr TSR: %

• Hervé Hoppenot has been appointed as a Class II director and Chairman of the Board of Maze Therapeutics, effective October 6, 2025, succeeding Dr. Charles Homcy who will remain a director.  (view source)

• Overboarding
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time high at $28.76

Ticker: MMSI
Mkt Cap: $4.9B
1-Yr TSR: -13.7%
Board Rating: B+

• On October 3, 2025, Fred P. Lampropoulos resigned as President and CEO, and Martha G. Aronson was appointed as the new President and CEO, with Lampropoulos continuing as a director and Chairman of the Board.  (view source)

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Merger Agreement
• SEC Investigation Related
• Settlement Agreement

Ticker: TAP
Mkt Cap: $8.6B
1-Yr TSR: -12.4%
Board Rating: C-

• On October 3, 2025, Michelle St. Jacques, Chief Commercial Officer at Molson Coors Beverage Company, was announced to be departing from her role effective November 14, 2025.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (TAP)
• 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: Multi-Class Shares
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (83)
• Pledging

Ticker: MYGN
Mkt Cap: $720.2M
1-Yr TSR: -68.2%
Board Rating: C-

• Scott J. Leffler exited as Chief Financial Officer of Myriad Genetics, effective August 15, 2025, with a Separation Agreement becoming effective on October 9, 2025.  (view source)

• CFO Tenure Was Under 2 Years: Scott J Leffler
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Entrenched Board
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (95)
• High CFO Turnover
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: FIZZ
Mkt Cap: $3.5B
1-Yr TSR: -16.9%
Board Rating: A-

• Cecil D. Conlee will retire from the Board of Directors of National Beverage Corp. effective at the Annual Meeting, while Stanley M. Sheridan was re-elected and Glenn J. Waldman was elected as Class II Directors.  (view source)

• 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
• Internal Control Risk
• Limited external board experience

Ticker: NSCT
Mkt Cap: $1.2M
1-Yr TSR: -50.0%

• On October 8, 2025, Jerod Brennen was appointed as Vice President – Cybersecurity Advisor at SideChannel, Inc.  (view source)

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Going Concern Risk Filings in the last year
• Internal Control Risk
• SEC Correspondence in the last year
• Settlement Agreement

Ticker: NMRK
Mkt Cap: $3.0B
1-Yr TSR: 18.7%
Board Rating: A-

• Howard W. Lutnick has exited his roles as Executive Chairman and Chairman of the Board while divesting his holdings in the company. Brandon G. Lutnick is involved in purchasing voting shares from Howard W. Lutnick and may be deemed to have significant ownership in the company going forward.  (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: Chairman is not independent
• Gov Risk: Multi-Class Shares
• Gov Risk: No lead independent director
• Limited external board experience
• Negative Say-On-Pay Vote: 73% For
• Overboarding
• Settlement Agreement

Ticker: OS
Mkt Cap: $4.5B
1-Yr TSR: -36.1%
Board Rating: D

• Baskar Sridharan was appointed as a Class I director on the Board of Directors of OneStream, Inc. effective October 3, 2025, expanding the board size from eight to nine directors.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (OS)
• Gov Risk: Multi-Class Shares
• High Activist Vulnerability Risk Score (76)
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: LPRO
Mkt Cap: $236.3M
1-Yr TSR: -65.5%
Board Rating: D

• Matthew Stark is exiting as Chief Legal and Compliance Officer and Corporate Secretary effective November 7, 2025, while Ben Massey is entering as General Counsel and Corporate Secretary effective the same date.  (view source)

• 13D filed in the last 6 months
• CEO Tenure Was Under 2 Years: Charles D Jehl
• CFO Tenure Was Under 2 Years: Jessica Elizabeth Buss
• Director Elections: < 95% average votes FOR
• Executive Termination(s) within the last year
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (85)
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Limited external board experience
• Negative Say-On-Pay Vote: 83% For
• Significant Stock Drop(s) in past 2 years

Ticker: OTEX
Mkt Cap: $10.0B
1-Yr TSR: 20.8%
Board Rating: B-

• On October 6, 2025, George Schindler was appointed to the board of directors at Open Text Corporation.  (view source)

• CFO Tenure Was Under 2 Years: Chadwick Westlake
• CFO Tenure Was Under 2 Years: Cosmin Balota
• CFO Tenure Was Under 2 Years: Madhu Ranganathan
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Entrenched Board
• High Activist Vulnerability Risk Score (77)
• High CFO Turnover
• Workforce Reduction

Ticker: ORCL
Mkt Cap: $843.9B
1-Yr TSR: 68.4%
Board Rating: A-

• On September 22, 2025, Oracle Corporation announced the promotions of Clayton Magouyrk and Michael Sicilia to Chief Executive Officer and members of the Board, and Douglas Kehring to Executive Vice President, Principal Financial Officer, effective as of the same date.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (ORCL)
• Director Elections: < 95% average votes FOR
• 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
• Negative Say-On-Pay Vote: 78% For
• Pledging
• Workforce Reduction

Ticker: PEP
Mkt Cap: $198.1B
1-Yr TSR: -12.9%
Board Rating: C+

• PepsiCo announces several personnel changes: Stephen Schmitt is appointed as CFO, Jamie Caulfield transitions to a retirement arrangement, and Darren Walker retires from the Board.  (view source)

• CFO Tenure Was Under 2 Years: James (“Jamie”) Caulfield
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Entrenched Board
• Negative Say-On-Pay Vote: 86% For
• SEC No Action letter(s) in the last 2 years

Ticker: PHAT
Mkt Cap: $825.8M
1-Yr TSR: -26.1%
Board Rating: C-

• Effective October 6, 2025, Sanjeev Narula was appointed as the Chief Financial and Business Officer of Phathom Pharmaceuticals, Inc., replacing Robert Breedlove who remains as the principal accounting officer.  (view source)

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

Ticker: PLUG
Mkt Cap: $4.4B
1-Yr TSR: 85.3%
Board Rating: D

• Sanjay Shrestha is resigning as President, and Jose Luis Crespo is appointed as President and will become CEO later; Andrew J. Marsh is transitioning to Executive Chair, and George McNamee is appointed as Lead Director.  (view source)

• 13D filed in the last 6 months
• Abnormally High 8-K Filings
• Amended Filings (10-K/A) within the last year
• Cyber Incident(s) within the last year
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Entrenched Board
• Gov Risk: More than one Director over 75
• High Activist Vulnerability Risk Score (85)
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: PTLO
Mkt Cap: $464.1M
1-Yr TSR: -49.8%
Board Rating: D

• On September 21, 2025, Michael Osanloo exited as President and CEO of Portillo’s, and Michael A. Miles, Jr. entered as Interim President and CEO.  (view source)

• 13D filed in the last 6 months
• Cooperation Agreement
• Cooperation Agreement in the last 2 years
• High Activist Vulnerability Risk Score (98)
• Internal Control Risk
• Significant Stock Drop(s) in past 2 years

Ticker: METC
Mkt Cap: $2.6B
1-Yr TSR: 338.2%
Board Rating: A-

• Martin van Wyk is joining Ramaco Resources as Senior Vice President of Critical Minerals Processing effective October 6, 2025.  (view source)

• 13D filed in the last 6 months
• Abnormally High 8-K Filings
• Bankruptcy Alert: 1 director has a bankruptcy history (METC)
• Deceased Person Disclosure
• 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
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time high at $46.33

Ticker: RPM
Mkt Cap: $14.2B
1-Yr TSR: -14.4%
Board Rating: B-

• On October 2, 2025, David C. Dennsteadt was elected as Executive Vice President of RPM International Inc.  (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

Ticker: RYAN
Mkt Cap: $14.7B
1-Yr TSR: -21.8%
Board Rating: C+

• On October 8, 2025, Stephen P. Keogh and Brendan M. Mulshine were appointed as Co-Presidents, succeeding Jeremiah Bickham, who is transitioning to a strategic advisor role.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (RYAN)
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: More than one Director over 75
• Gov Risk: Multi-Class Shares
• High Activist Vulnerability Risk Score (86)
• Hot Seat Risk Score – CEO: Elevated (66)

Ticker: RVYL
Mkt Cap: $12.4M
1-Yr TSR: -70.5%
Board Rating: D

• Tod Browndorf has been appointed as a Director of RYVYL Inc. effective September 30, 2025.  (view source)

• Abnormally High 8-K Filings
• 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 (89)
• High CFO Turnover
• Hot Seat Risk Score – CEO: High (87)
• 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: SCPH
Mkt Cap: $302.2M
1-Yr TSR: 32.5%

• Michael E. Castagna was appointed CEO, Chris Prentiss was appointed CFO, and David Thomson was appointed Secretary of the Surviving Corporation as of the Effective Time.  (view source)

• Amended Filing (10-Q/A)
• Amended Filings (10-Q/A) within the last year
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Internal Control Risk
• Merger Agreement
• Settlement Agreement

Ticker: SGI
Mkt Cap: $17.6B
1-Yr TSR: 64.3%
Board Rating: B+

• On October 9, 2025, Kindel Nuno was appointed as General Counsel of Somnigroup International Inc., transitioning from her role as Chief Human Resources Officer.  (view source)

• Abnormally High 8-K Filings
• Bankruptcy Alert: 2 directors have bankruptcy histories (SGI)
• Cyber Incident(s) within the last year
• Gov Risk: Chairman is not independent
• SEC Correspondence in the last year

Ticker: CXM
Mkt Cap: $1.9B
1-Yr TSR: 8.4%
Board Rating: C-

• On October 2, 2025, Anthony Coletta was appointed as Chief Financial Officer of Sprinklr, Inc., succeeding Rory Read, who has been serving in an interim capacity since September 19, 2025.  (view source)

• Bankruptcy Alert: 2 directors have bankruptcy histories (CXM)
• CFO Tenure Was Under 2 Years: Rory P Read
• Gov Risk: Chairman is not independent
• Gov Risk: Multi-Class Shares
• High Activist Vulnerability Risk Score (85)
• High CFO Turnover
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: STOK
Mkt Cap: $1.6B
1-Yr TSR: 150.2%
Board Rating: C+

• Ian F. Smith is appointed as the Chief Executive Officer of Stoke Therapeutics, effective October 6, 2025, and Dr. Tzianabos resigns as Interim Executive Chair of the Board, resuming his role as an independent director.  (view source)

• 13D filed in the last 6 months
• Bankruptcy Alert: 1 director has a bankruptcy history (STOK)
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: TTEK
Mkt Cap: $9.0B
1-Yr TSR: -30.2%
Board Rating: B-

• Roger R. Argus has been promoted to President at Tetra Tech, effective October 7, 2025.  (view source)

• 13D filed in the last 6 months
• Gov Risk: No lead independent director
• Limited external board experience
• Settlement Agreement

Ticker: TRAW
Mkt Cap: $22.1M
1-Yr TSR: -33.3%
Board Rating: C-

• On October 1, 2025, John Leaman, MD was appointed as an independent director, while Iain Dukes and Charles Parker transitioned to the permanent roles of CEO and CFO, respectively.  (view source)

• Abnormally High 8-K Filings
• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• CEO Tenure Was Under 2 Years: Werner Cautreels
• CFO Tenure Was Under 2 Years: Nora Brennan
• Going Concern Risk Filings in the last year
• Gov Risk: No lead independent director
• Internal Control Risk
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: TG
Mkt Cap: $269.7M
1-Yr TSR: 7.7%
Board Rating: C-

• D. Andrew Edwards, the Executive Vice President and Chief Financial Officer of Tredegar Corporation, informed the company of his intention to retire effective December 31, 2025.  (view source)

• 13D filed in the last 6 months
• Director Elections: < 95% average votes FOR
• Gov Risk: Average Director tenure over 10 years
• Negative Say-On-Pay Vote: 57% For
• Significant Stock Drop(s) in past 2 years

Ticker: UDR
Mkt Cap: $11.9B
1-Yr TSR: -15.5%
Board Rating: C+

• On October 3, 2025, Richard B. Clark was appointed as a Director of UDR, Inc.  (view source)

• 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
• High Activist Vulnerability Risk Score (78)
• Pledging
• Stock Alert: 52-week low at $35.79

Ticker: VRSN
Mkt Cap: $24.5B
1-Yr TSR: 41.6%
Board Rating: B-

• Matthew J. Desch has been appointed to the Board of VeriSign, Inc., effective October 6, 2025.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (VRSN)
• Director Elections: < 95% average votes FOR
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• Overboarding
• SEC No Action letter(s) in the last 2 years

Ticker: VZ
Mkt Cap: $172.2B
1-Yr TSR: -1.2%
Board Rating: C

• On October 4, 2025, Daniel H. Schulman was appointed as CEO, while Hans E. Vestberg stepped down as Chairman and CEO and was appointed as Special Advisor.  (view source)

• Cyber Incident(s) within the last year
• High Activist Vulnerability Risk Score (93)
• Pledging
• SEC Correspondence in the last year
• SEC No Action letter(s) in the last 2 years

Ticker: VRNA
Mkt Cap: $9.2B
1-Yr TSR: 233.6%
Board Rating: B+

• On the Closing Date of the Transaction, all directors of the Company resigned, and Benjamin Lucas and Ebru Can Temucin were appointed as Principal Executive Officer and Principal Financial Officer, respectively.  (view source)

• Director Elections: < 95% average votes FOR
• Internal Control Risk
• Limited external board experience
• Negative Say-On-Pay Vote: 72% For
• Settlement Agreement
• Stock Alert: All-time high at $106.91

Ticker: VSTS
Mkt Cap: $657.9M
1-Yr TSR: -66.3%
Board Rating: C-

• On October 3, 2025, Grant Shih, Executive Vice President and Chief Technology Officer of Vestis Corporation, is exiting his position effective October 7, 2025.  (view source)

• 13D filed in the last 6 months
• CEO Tenure Was Under 2 Years: James Phillip Holloman
• CEO Tenure Was Under 2 Years: Kim Scott
• CFO Tenure Was Under 2 Years: Rick T Dillon
• Class Action
• High Activist Vulnerability Risk Score (93)
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: VMEO
Mkt Cap: $1.3B
1-Yr TSR: 60.7%
Board Rating: C

• On October 1, 2025, Austin Kaplicer was appointed Interim Chief Financial Officer of Vimeo, while Gillian Munson stepped down from her role as Chief Financial Officer effective September 30, 2025, and entered a Consulting Services Agreement with the Company.  (view source)

• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: No lead independent director
• High CFO Turnover
• Merger Agreement
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction