Executive Moves Update – October 24, 2025

Ticker: ALEC
Mkt Cap: $148.8M
1-Yr TSR: -68.5%
Board Rating: D

• Sara Kenkare-Mitra, Ph.D., the President and Head of Research and Development, is resigning effective December 22, 2025.  (view source)

• Director Elections: < 95% average votes FOR
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: AMRN
Mkt Cap: $402.5M
1-Yr TSR: 68.2%
Board Rating: C

• David Keenan, Ph.D., has been appointed as Executive Vice President, Chief Operating Officer (COO) of Amarin Corporation, effective October 17, 2025.  (view source)

• Cyber Incident(s) within the last year
• High CFO Turnover
• Negative Say-On-Pay Vote: 71% For
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: AWI
Mkt Cap: $8.8B
1-Yr TSR: 48.1%
Board Rating: B

• On October 22, 2025, Kevin P. Holleran was appointed as a new director of Armstrong World Industries, Inc. for an initial term expiring at the Company’s 2026 annual meeting of shareholders.  (view source)

• Negative Say-On-Pay Vote: 84% For
• Settlement Agreement
• Stock Alert: All-time high at $203.71

Ticker: AESI
Mkt Cap: $1.3B
1-Yr TSR: -42.8%
Board Rating: D

• On October 21, 2025, Chris Scholla is exiting his role as EVP & President, Sand and Logistics at Atlas Energy Solutions Inc., while John Turner will temporarily oversee the sand and logistics operations.  (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
• Internal Control Risk
• Stock Alert: All-time low at $10.13

Ticker: AVNS
Mkt Cap: $547.1M
1-Yr TSR: -47.3%
Board Rating: C-

• On October 21, 2025, Avanos Medical announced the termination of two executives: Kerr Holbrook, CCO, and Mojirade James, General Counsel, both effective December 1, 2025.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (AVNS)
• CEO Tenure Was Under 2 Years: Michael Greiner
• CFO Tenure Was Under 2 Years: Jason Marc Pickett
• CFO Tenure Was Under 2 Years: Warren J Machan
• Cyber Incident(s) within the last year
• Director Elections: < 95% average votes FOR
• Executive Termination(s) within the last year
• High Activist Vulnerability Risk Score (97)
• Negative Say-On-Pay Vote: 88% For
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: BAX
Mkt Cap: $11.8B
1-Yr TSR: -35.5%
Board Rating: D

• On October 16, 2025, Heather Knight resigned as COO of Baxter International, effective October 29, 2025, and Andrew Hider will assume the role of interim group president of MPT effective the same date.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (BAX)
• CEO Tenure Was Under 2 Years: David Brent Shafer
• Gov Risk: Chairman is not independent
• High Activist Vulnerability Risk Score (100)
• High CFO Turnover
• SEC No Action letter(s) in the last 2 years
• Significant Stock Drop(s) in past 2 years

Ticker: BILL
Mkt Cap: $5.2B
1-Yr TSR: -8.2%
Board Rating: C-

• On October 17, 2025, BILL Holdings, Inc. appointed Peter A. Feld and Lee Kirkpatrick as Class II directors.  (view source)

• 13D filed in the last 6 months
• Bankruptcy Alert: 1 director has a bankruptcy history (BILL)
• Cooperation Agreement
• Cooperation Agreement in the last 2 years
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (95)
• Immediate Resignation
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: BXMT
Mkt Cap: $3.2B
1-Yr TSR: 6.3%
Board Rating: C+

• Jean Hsu has been elected as a Director of Blackstone Mortgage Trust, Inc., filling a newly created position on the Board.  (view source)

• Gov Risk: Entrenched Board
• High Activist Vulnerability Risk Score (84)

Ticker: SAM
Mkt Cap: $2.4B
1-Yr TSR: -27.2%
Board Rating: C-

• The Boston Beer Company announced leadership changes effective October 20, 2025, including Philip A. Hodges being named Chief Operating Officer and Philip E. Savastano being promoted to Chief Supply Chain Officer.  (view source)
• Philip A. Hodges has been appointed as Chief Operating Officer, effective October 20, 2025, and Philip E. Savastano has been promoted to Chief Supply Chain Officer, effective immediately.  (view source)

• CEO Tenure Was Under 2 Years: Michael Spillane
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Multi-Class Shares
• High Activist Vulnerability Risk Score (89)
• High CFO Turnover
• Rule 10b5-1 Entered
• Significant Stock Drop(s) in past 2 years

Ticker: BSX
Mkt Cap: $151.7B
1-Yr TSR: 17.1%
Board Rating: A-

• John E. Sununu will not stand for re-election at the 2026 Annual Meeting but will continue to serve as a Director until then.  (view source)

• Gov Risk: Chairman is not independent
• Section 220 Disclosure
• Settlement Agreement
• Workforce Reduction

Ticker: BRO
Mkt Cap: $29.3B
1-Yr TSR: -15.8%
Board Rating: B

• On October 17, 2025, Stephen P. Hearn was appointed President of the Retail Segment, transitioning from his role as Executive Vice President and Chief Operating Officer, while P. Barrett Brown commenced a personal leave of absence.  (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)
• Merger Agreement
• Pledging
• SEC No Action letter(s) in the last 2 years
• Stock Alert: 52-week low at $87.42

Ticker: SAVA
Mkt Cap: $188.9M
1-Yr TSR: -86.0%
Board Rating: C-

• On October 21, 2025, Dawn Carter Bir was appointed to the Board of Directors of Cassava Sciences, Inc. as a Class I Director.  (view source)

• Director Elections: < 95% average votes FOR
• 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 Activist Vulnerability Risk Score (79)
• Negative Say-On-Pay Vote: 78% For
• SEC Investigation Related
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: CI
Mkt Cap: $81.4B
1-Yr TSR: -2.1%
Board Rating: B-

• Retired Major General Elder Granger, M.D. will retire from the Board of Directors of The Cigna Group, effective December 31, 2025.  (view source)

• Gov Risk: Chairman is not independent
• Negative Say-On-Pay Vote: 89% For
• SEC Correspondence in the last year
• Settlement Agreement
• Workforce Reduction

Ticker: C
Mkt Cap: $178.0B
1-Yr TSR: 58.0%
Board Rating: C+

• On October 22, 2025, Jane Fraser was appointed as Chair of Citi’s Board, and John Dugan was appointed as Lead Director.  (view source)

• Abnormally High 8-K Filings
• SEC No Action letter(s) in the last 2 years
• Settlement Agreement

Ticker: CVLT
Mkt Cap: $7.5B
1-Yr TSR: 27.0%
Board Rating: B+

• Geoff Haydon was appointed as a Director on October 17, 2025, while Allison Pickens resigned from the Board on October 15, 2025.  (view source)

• Cyber Incident(s) within the last year
• High CFO Turnover
• SEC Correspondence in the last year
• Settlement Agreement
• Workforce Reduction

Ticker: CRBG
Mkt Cap: $17.2B
1-Yr TSR: 4.4%
Board Rating: B-

• Tomohiro Yao was elected as a director of Corebridge Financial, Inc., effective October 23, 2025.  (view source)

• 13D filed in the last 6 months
• Cyber Incident(s) within the last year
• Immediate Resignation

Ticker: CPNG
Mkt Cap: $56.8B
1-Yr TSR: 22.7%
Board Rating: B-

• Pranam Kolari, Vice President, intends to resign from Coupang, Inc., effective November 14, 2025.  (view source)

• Gov Risk: Multi-Class Shares
• Internal Control Risk
• Limited external board experience
• SEC Correspondence in the last year
• Section 220 Disclosure
• Settlement Agreement

Ticker: CVBF
Mkt Cap: $2.6B
1-Yr TSR: 2.2%
Board Rating: C-

• On October 23, 2025, CVB Financial Corp. announced the appointment of Timothy Stephens as a Board Member and Director, effective November 1, 2025.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (CVBF)
• High Activist Vulnerability Risk Score (76)
• Limited external board experience
• Settlement Agreement

Ticker: DAN
Mkt Cap: $2.6B
1-Yr TSR: 100.6%
Board Rating: C

• On October 22, 2025, Hanna Olivia Nelligan was appointed to the Board of Directors of Dana Incorporated as a non-employee Director, effective immediately.  (view source)

• 13D filed in the last 6 months
• Cooperation Agreement
• Cooperation Agreement in the last 2 years
• Director Elections: < 95% average votes FOR
• Immediate Resignation
• Negative Say-On-Pay Vote: 78% For
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: EGBN
Mkt Cap: $514.8M
1-Yr TSR: -25.3%
Board Rating: D

• Kevin Geoghegan is resigning from his position as Executive Vice President and Chief Credit Officer effective December 31, 2025. William L. Perotti and Daniel D. Callahan are appointed as interim replacements.  (view source)

• Gov Risk: Chairman is not independent
• High Activist Vulnerability Risk Score (100)
• Limited external board experience
• Negative Say-On-Pay Vote: 81% For
• SEC Correspondence in the last year
• SEC No Action letter(s) in the last 2 years
• Significant Stock Drop(s) in past 2 years

Ticker: EXLS
Mkt Cap: $6.7B
1-Yr TSR: 5.2%
Board Rating: B+

• Patrick Geraghty has been elected as Director of ExlService Holdings, Inc. effective October 15, 2025.  (view source)

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

Ticker: FLO
Mkt Cap: $2.7B
1-Yr TSR: -40.7%
Board Rating: C-

• D. Anthony Scaglione is appointed as Chief Financial Officer of Flowers Foods, Inc., effective January 1, 2026.  (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 (92)
• Merger Agreement
• Settlement Agreement
• Workforce Reduction

Ticker: FLR
Mkt Cap: $7.7B
1-Yr TSR: -9.8%
Board Rating: C

• On October 17, 2025, Fluor Corporation announced several leadership transitions effective November 1, 2025, including Mark E. Fields becoming Group President, Strategic Projects, Michael E. Alexander becoming Group President, Project Execution, and Pierre Bechelany becoming Business Group President, Energy Solutions.  (view source)

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Bankruptcy Alert: 4 directors have bankruptcy histories (FLR)
• Bankruptcy Alert: Current CFO has bankruptcy history (FLR)
• Class Action
• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• Significant Stock Drop(s) in past 2 years

Ticker: FLUT
Mkt Cap: $44.3B
1-Yr TSR: 9.7%
Board Rating: B

• Stefan Bomhard has been appointed to the Board of Directors of Flutter Entertainment plc as a non-executive director, effective October 1, 2025, and will also serve on the Compensation and Human Resources Committee and the Nominating and Governance Committee starting December 9, 2025.  (view source)

• Abnormally High 8-K Filings
• Cyber Incident(s) within the last year
• Internal Control Risk
• SEC Correspondence in the last year
• Settlement Agreement
• Workforce Reduction

Ticker: HELE
Mkt Cap: $450.2M
1-Yr TSR: -69.7%
Board Rating: D

• On October 20, 2025, Tessa N. Judge, Chief Legal Officer and Secretary of Helen of Troy Limited, notified the Company of her intention to voluntarily resign, effective November 28, 2025.  (view source)

• CEO Tenure Was Under 2 Years: Brian Grass
• CEO Tenure Was Under 2 Years: Noel Geoffroy
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Entrenched Board
• High Activist Vulnerability Risk Score (100)
• Limited external board experience
• Significant Stock Drop(s) in past 2 years
• Stock Alert: 52-week low at $18.96
• Workforce Reduction

Ticker: HXL
Mkt Cap: $5.6B
1-Yr TSR: 14.5%
Board Rating: C-

• Patrick Winterlich intends to resign from his position as CFO effective November 30, 2025.  (view source)

• Gov Risk: Chairman is not independent
• High Activist Vulnerability Risk Score (82)
• Negative Say-On-Pay Vote: 87% For
• Rule 10b5-1 Entered
• Workforce Reduction

Ticker: HON
Mkt Cap: $140.1B
1-Yr TSR: 2.2%
Board Rating: C

• Honeywell International Inc. announced leadership appointments following a realignment of its business segments, effective in Q1 2026.  (view source)

• Abnormally High 8-K Filings
• Cooperation Agreement
• Cooperation Agreement in the last 2 years
• Gov Risk: Chairman is not independent
• High Activist Vulnerability Risk Score (83)
• SEC Correspondence in the last year
• SEC Investigation Related
• Settlement Agreement
• Workforce Reduction

Ticker: HWM
Mkt Cap: $80.7B
1-Yr TSR: 95.1%
Board Rating: A

• Ken Giacobbe will retire as CFO while Patrick Winterlich will join Howmet as the new CFO.  (view source)

• Immediate Resignation
• Stock Alert: All-time high at $200.10
• Workforce Reduction

Ticker: PI
Mkt Cap: $7.0B
1-Yr TSR: 8.4%
Board Rating: B

• On October 20, 2025, Arthur L. Valdez Jr. was appointed as a director of Impinj, Inc.  (view source)

• 13D filed in the last 6 months
• Gov Risk: Classified Board / Staggered Director Elections
• Negative Say-On-Pay Vote: 87% For
• Overboarding
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time high at $241.17
• Workforce Reduction

Ticker: NGVT
Mkt Cap: $2.1B
1-Yr TSR: 78.4%
Board Rating: C

• Ruth Castillo has been appointed as Senior Vice President and President, Performance Materials of Ingevity, effective November 10, 2025.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (NGVT)
• CEO Tenure Was Under 2 Years: Luis Fernandez-Moreno
• Contested Proxy (NGVT)
• Cooperation Agreement
• Cooperation Agreement in the last 2 years
• Director Elections: < 95% average votes FOR
• Proxy Fight in the last 2 years
• Settlement Agreement
• Workforce Reduction

Ticker: INNV
Mkt Cap: $708.0M
1-Yr TSR: -8.9%
Board Rating: C-

• Michael Scarbrough is exiting the role of President and Chief Operating Officer at InnovAge Holding Corp, effective November 28, 2025.  (view source)

• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Section 220 Disclosure
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: PODD
Mkt Cap: $22.8B
1-Yr TSR: 37.7%
Board Rating: B+

• On October 21, 2025, Insulet Corporation appointed Robbie Huffines as a Class II director, effective October 31, 2025.  (view source)

• CFO Tenure Was Under 2 Years: Ana Maria Chadwick
• Gov Risk: Classified Board / Staggered Director Elections
• High CFO Turnover
• Internal Control Risk

Ticker: ITGR
Mkt Cap: $2.6B
1-Yr TSR: -41.6%
Board Rating: B+

• On October 23, 2025, Payman Khales was appointed as a director and CEO, succeeding Joseph W. Dziedzic, who will transition to a Special Advisor role effective the same day.  (view source)

• Abnormally High 8-K Filings
• Amended Filing (10-Q/A)
• Amended Filings (10-Q/A) within the last year
• Significant Stock Drop(s) in past 2 years
• Stock Alert: 52-week low at $73.89

Ticker: IFF
Mkt Cap: $16.9B
1-Yr TSR: -35.3%
Board Rating: D

• Brett Icahn and Dr. Richard Mulligan were appointed to the Board of Directors while Vincent Intrieri and Margarita Paláu-Hernández stepped down from their positions.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (IFF)
• High Activist Vulnerability Risk Score (100)
• High CFO Turnover
• Negative Say-On-Pay Vote: 84% For
• Workforce Reduction

Ticker: IRM
Mkt Cap: $30.7B
1-Yr TSR: -14.6%
Board Rating: B+

• On October 21, 2025, Christie Kelly was elected as a director of Iron Mountain Incorporated, effective immediately.  (view source)

• SEC Correspondence in the last year

Ticker: JBL
Mkt Cap: $22.1B
1-Yr TSR: 68.4%
Board Rating: A-

• On October 16, 2025, Jabil Inc. announced that Executive Chairman Mark T. Mondello and Directors Kathleen A. Walters and James Siminoff will not seek re-election to the Board at the end of their terms on January 22, 2026.  (view source)

• Cyber Incident(s) within the last year
• Director Elections: < 95% average votes FOR
• Negative Say-On-Pay Vote: 72% For
• Overboarding
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: JBTM
Mkt Cap: $6.8B
1-Yr TSR: 16.2%
Board Rating: B-

• On October 15, 2025, Jessi L. Corcoran announced her resignation as Vice President, Corporate Controller and Chief Accounting Officer, effective November 4, 2025, and Matthew J. Meister was designated as the principal accounting officer on October 20, 2025, following her departure.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (JBTM)
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Entrenched Board
• High Activist Vulnerability Risk Score (77)

Ticker: KBR
Mkt Cap: $5.7B
1-Yr TSR: -33.2%
Board Rating: C

• Shad E. Evans will become the Chief Financial Officer (CFO) of KBR, Inc. effective January 5, 2026.  (view source)

• Class Action
• Settlement Agreement

Ticker: KNSL
Mkt Cap: $10.6B
1-Yr TSR: -1.0%
Board Rating: B

• Brian D. Haney announced his retirement effective March 2, 2026, and was elected to the Board of Directors on October 23, 2025, while Michael P. Kehoe will assume the additional title of President on the same effective date. Additionally, Stuart P. Winston was promoted to Executive Vice President, Chief Underwriting Officer.  (view source)

• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• Limited external board experience
• Significant Stock Drop(s) in past 2 years

Ticker: KHC
Mkt Cap: $30.1B
1-Yr TSR: -24.5%
Board Rating: C-

• On October 22, 2025, L. Kevin Cox, Mary Lou Kelley, and Tony Palmer were appointed as members of the Board of Directors at The Kraft Heinz Company.  (view source)

• High Activist Vulnerability Risk Score (100)
• SEC No Action letter(s) in the last 2 years
• Workforce Reduction

Ticker: LINE
Mkt Cap: $9.2B
1-Yr TSR: -46.4%
Board Rating: D

• On October 17, 2025, Robb LeMasters was appointed as CFO of Lineage, Inc., effective November 10, 2025, while Robert Crisci will retire from the CFO position on the same effective date.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (LINE)
• Gov Risk: Chairman is not independent
• High Activist Vulnerability Risk Score (97)
• Internal Control Risk
• Negative Say-On-Pay Vote: 84% For
• Settlement Agreement
• Workforce Reduction

Ticker: LPSN
Mkt Cap: $43.0M
1-Yr TSR: -62.3%
Board Rating: C-

• On October 14, 2025, Ryan L. Vardeman was appointed as a Class III director of the Board for LivePerson, Inc.  (view source)

• 13D filed in the last 6 months
• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Cooperation Agreement
• Cooperation Agreement in the last 2 years
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (88)
• Hot Seat Risk Score – CEO: Elevated (77)
• Listing Rule Violation: Minimum Bid
• Proxy Fight in the last 2 years
• Significant Stock Drop(s) in past 2 years
• Stock Alert: 52-week low at $5.78

Ticker: MANH
Mkt Cap: $11.8B
1-Yr TSR: -28.3%
Board Rating: B

• Mr. Eddie Capel is transitioning to non-executive status as Chairman of the Board effective January 1, 2026, while Mr. Thomas E. Noonan continues as Lead Independent Director.  (view source)

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

Ticker: MLNK
Mkt Cap: $1.5B
1-Yr TSR: -4.2%
Board Rating: C+

• George Jaber, Edward H. McDermott, Reema Poddar, A.J. Rohde, Mark Sachleben, Nicolaas Vlok, Duston Williams, and Yael Zheng resigned from the board of directors of the Company, while Benjamin Jaffe and Jared Hendricks became the directors of the Surviving Corporation, and Elias Olmeta received a transaction bonus as CFO.  (view source)

• Gov Risk: Classified Board / Staggered Director Elections
• High CFO Turnover
• Internal Control Risk
• Merger Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: MTG
Mkt Cap: $6.3B
1-Yr TSR: 10.3%
Board Rating: B

• On October 22, 2025, MGIC Investment Corporation appointed Martin P. Klein and Daniela A. O’Leary-Gill as new board members.  (view source)

• Gov Risk: Chairman is not independent
• Gov Risk: No lead independent director
• Workforce Reduction

Ticker: MLKN
Mkt Cap: $1.2B
1-Yr TSR: -23.9%
Board Rating: C-

• On October 16, 2025, Kevin Veltman was appointed as Chief Financial Officer (CFO) of MillerKnoll, Inc.  (view source)

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

Ticker: MSM
Mkt Cap: $5.0B
1-Yr TSR: 15.6%
Board Rating: C

• Martina McIsaac will be promoted to CEO effective January 1, 2026, while Erik Gershwind will resign as CEO on December 31, 2025, transitioning to Non-Executive Vice Chair.  (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: PNR
Mkt Cap: $18.1B
1-Yr TSR: 13.9%
Board Rating: B

• On October 15, 2025, Robert P. Fishman resigned as CFO of Pentair, effective March 1, 2026. Heather Hausmann’s role is elevated to Executive VP, CIO, and CISO; Nicholas J. Brazis appointed as Executive VP and CFO, effective March 1, 2026.  (view source)

• Negative Say-On-Pay Vote: 83% For

Ticker: SAIC
Mkt Cap: $4.6B
1-Yr TSR: -29.1%
Board Rating: C+

• Toni Townes-Whitley is exiting as CEO and from the Board, while James C. Reagan is entering as Interim CEO, both effective October 23, 2025.  (view source)

• Abnormally High 8-K Filings
• Bankruptcy Alert: 1 director has a bankruptcy history (SAIC)
• Cyber Incident(s) within the last year
• Negative Say-On-Pay Vote: 86% For
• SEC No Action letter(s) in the last 2 years
• Settlement Agreement

Ticker: SOLV
Mkt Cap: $12.5B
1-Yr TSR: -.3%
Board Rating: B

• Heather Knight has been appointed Chief Commercial Officer of Solventum Corporation, effective November 10, 2025, and Chris Barry will exit the company effective December 31, 2025.  (view source)

• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (78)
• Negative Say-On-Pay Vote: 85% For
• SEC Correspondence in the last year
• Settlement Agreement

Ticker: TDOC
Mkt Cap: $1.5B
1-Yr TSR: -.9%
Board Rating: C-

• Ms. Mala Murthy, CFO of Teladoc Health, is resigning effective November 21, 2025, to pursue another career opportunity outside of healthcare.  (view source)

• Cyber Incident(s) within the last year
• Director Elections: < 95% average votes FOR
• Gov Risk: Entrenched Board
• High Activist Vulnerability Risk Score (94)
• Negative Say-On-Pay Vote: 73% For
• Settlement Agreement
• Short Report: Blue Orca
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: TDY
Mkt Cap: $25.2B
1-Yr TSR: 14.2%
Board Rating: B

• On October 21, 2025, Laura A. Black and George C. Bobb III were appointed to Teledyne’s Board of Directors as Class I and Class II Directors, respectively, each serving until the 2027 Annual Meeting of Stockholders.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (TDY)
• CEO Tenure Was Under 2 Years: Edwin Roks
• 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
• Workforce Reduction

Ticker: TXT
Mkt Cap: $14.2B
1-Yr TSR: -8.4%
Board Rating: C-

• On October 22, 2025, Lisa M. Atherton was appointed as the next President and CEO of Textron Inc. effective January 4, 2026, succeeding Scott C. Donnelly, who will become Executive Chairman.  (view source)

• Gov Risk: Entrenched Board
• High Activist Vulnerability Risk Score (90)
• Workforce Reduction

Ticker: TDG
Mkt Cap: $76.1B
1-Yr TSR: -.6%
Board Rating: A-

• On October 23, 2025, TransDigm Group appointed Michael Lisman and Peter Palmer to its Board of Directors, effective immediately.  (view source)

• Abnormally High 8-K Filings
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Entrenched Board
• Immediate Resignation
• Short Report: The Bear Cave

Ticker: VERX
Mkt Cap: $4.0B
1-Yr TSR: -39.5%
Board Rating: B-

• David DeStefano will retire as CEO and President but will remain Chairperson of the Board, and Christopher Young will be appointed as CEO and President effective November 10, 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: Classified Board / Staggered Director Elections
• Gov Risk: Entrenched Board
• Gov Risk: Multi-Class Shares
• Limited external board experience
• Significant Stock Drop(s) in past 2 years

Ticker: WMT
Mkt Cap: $852.0B
1-Yr TSR: 29.6%
Board Rating: A-

• On October 22, 2025, Dwayne Milum was appointed Senior Vice President and Controller of Walmart, effective February 1, 2026, while David Chojnowski will transition to Senior Vice President, Treasurer and Tax at the end of January 2026.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (WMT)
• Gov Risk: Chairman is not independent
• Rule 10b5-1 Entered
• SEC No Action letter(s) in the last 2 years
• Settlement Agreement
• Stock Alert: All-time high at $109.03