Weekly Activism & Executive Moves Review

by | Feb 23, 2024

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WEEKLY SNAPSHOT

CEO Jamie Dimon’s sale of $150 million in JP Morgan for the first time ever has many wondering if it is a signal about JPM, the macro environment, or no signal at all. For those linking it with Jeff Bezos’s sale $8.5 billion in AMZN, Zuckerberg’s $428 million in META, and the Gates foundation’s pickup in equity sales, it clearly is a macro signal.

We saw a very rare instance of a director proactively resigning when Director Ann Fandozzi resigned from the board of RB Global this week. Her resignation letter was scathing and, regardless of how much is reality versus perception, demonstrates a boardroom with challenges.

It’s been a busy couple of weeks as cooperation agreements keep coming in. After Icahn nabbed JetBlue last week (on top of American Electric Power a few days before that), this week saw Engaged Capital’s successful bid for board representation at Nevro Corp (details below). And, with Ancora Advisors putting forward a slate of eight nominees for election to the Norfolk Southern southern and Starboard Value lookign for board seats at Alight, expect more to come.

Disney and Starbucks are barreling towards their contested shareholder meetings (April 3 and March 23 respectively) with their respective challengers—Trian, Blackwell’s, and the Strategic Organization Center—continuing to put the pressure on. This week saw another flurry of materials from each side.

ACTIVISM UPDATE

NEW COOPERATION AGREEMENTS

TARGET 1-Year TSR ACTIVIST SUMMARY FILING DATE STOCK CHANGE DAYS SINCE
NEVRO CORP (NVRO) -50.4% Engaged Capital Added Kirt P. Karros to board View Filing 2024-02-21 -11.0% 2
GRIFFON CORP (GFF) 97.0% Voss Capital Voss-related board member Travis Cocke resigns. GFF repurchased 1.5M shares View Filing 2024-02-20 1.0% 3
JETBLUE AIRWAYS CORP (JBLU) -20.2% Carl Icahn Jesse Lynn and Steven Miller to join board following annual meeting View Filing 2024-02-16 -10.5% 7
SUN COMMUNITIES INC (SUI) -12.3% Land & Buildings Investment Management Appointed Jerry Ehlinger and Craig A. Leupold to board. One existing director not to stand for re-election at annual meeting. Establishing the “Capital Allocation Committee” of the board. View Filing 2024-02-16 2.4% 7
LIFEVANTAGE CORP (LFVN) 91.9% Bradley L. Radoff & Sudbury Capital Appointed Dayton Judd to the board. Withdrew Section 220 demand to see books and records. View Filing 2024-02-15 4.7% 8
AMERICAN ELECTRIC POWER CO INC (AEP) -5.8% Carl C. Icahn & Hunter Gary Appointed Hank Linginfelter and Hunter Gary to the board. No new board committees without an Icahn designee given option to be a member. Any consideration of the appointment or termination of a CEO involve an Icahn designee View Filing 2024-02-12 6.3% 11

 

LATEST 13D ACTIVIST FILINGS

FILED TICKER COMPANY FILED BY OWNERSHIP 1-Year TSR SUMMARY FILING
2024-02-23 EAF GRAFTECH INTERNATIONAL LTD Nilesh Undavia 5.74 -75.8% Mr. Undavia invested in the company due to its favorable market position and potential for long-term profitability, supported by extensive research. However, he identified serious errors by the current board, particularly in their CEO selection process. Despite seeking collaboration with the board, his attempts were rebuffed, indicating potential entrenchment. Consequently, Mr. Undavia believes the addition of two new board members is necessary to ensure a suitable CEO is chosen. He has nominated two candidates committed to corporate governance best practices, aiming for positive outcomes for shareholders. If the current board obstructs this nomination, Mr. Undavia may pursue a “denial of quorum” campaign to enforce shareholder desire for change. 2024-02-23 – SC 13D
2024-02-21 ALIT ALIGHT INC Starboard Value LP 7.80 -9.7% Starboard invested in the company and nominated a slate of highly qualified director candidates, including Keith D. Dorsey, Matthew C. Levin, Gavin T. Molinelli, and Coretha Rushing, for election to the Board at the 2024 annual meeting of stockholders. Starboard believes change is necessary and wants to engage in discussions with management and the Board regarding Board representation and composition. They seek to bring in individuals with substantial experience in human capital management to drive strategic transformation and improve governance. 2024-02-21 – SC 13D
2024-02-21 MANU MANCHESTER UNITED PLC Trawlers Ltd / Jim Ratcliffe 54.10 -31.3% Sir Jim Ratcliffe, a British billionaire and dedicated Manchester United supporter, sought to acquire a share in the club due to his belief that its untapped potential had not been fully realized in recent years, necessitating a fresh start. Additionally, he aimed to leverage the expansive resources and expertise of the broader Ineos Sport group to facilitate enhanced performance within the club. This acquisition of a 27.7 percent stake in Manchester United, alongside assuming control of football operations, was finalized in February 2024, marking a significant development in the club’s ownership structure. 2024-02-21 – SC 13D

 

LATEST PROXY CONTEST FILINGS

TICKER COMPANY FILED BY FILINGS
DIS WALT DISNEY CO WALT DISNEY CO 2024-02-23 – DFAN14A
2024-02-23 – DFAN14A
2024-02-23 – DFAN14A
2024-02-22 – DEFA14A
2024-02-21 – DEFA14A
2024-02-21 – DEFA14A
2024-02-20 – DEFA14A
2024-02-16 – DEFA14A
DIS WALT DISNEY CO Blackwells Capital LLC 2024-02-21 – DFAN14A
2024-02-20 – DFAN14A
2024-02-16 – DFAN14A
2024-02-21 – DFAN14A
DIS WALT DISNEY CO TRIAN FUND MANAGEMENT, L.P. 2024-02-16 – DFAN14A
2024-02-21 – DFAN14A
2024-02-20 – DFAN14A
2024-02-22 – DFAN14A
2024-02-21 – DFAN14A
SBUX STARBUCKS CORP STARBUCKS CORP 2024-02-23 – DEFA14A
2024-02-20 – DEFA14A
2024-02-16 – DEFA14A
2024-02-16 – DEFA14A
SBUX STARBUCKS CORP Strategic Organizing Center 2024-02-16 – DFAN14A
2024-02-22 – DFAN14A
2024-02-20 – DFAN14A
2024-02-20 – DFAN14A

CEO & CFO MOVES

COMPANY MARKET CAP / TSR ROLE LEAVING REPLACED BY JOINER BIOGRAPHY
ABBVIE INC (ABBV)  Mkt Cap: $312.2B
1-Yr TSR: 23.0%
CEO Richard A Gonzalez
11.5 yrs ; 20.0% TSR
Robert A Michael Mr. Michael is currently AbbVie’s President and Chief Operating Officer. Mr. Michael previously served as Vice Chairman and President from June 2022 to July 2023, as Vice Chairman, Finance and Commercial Operations and Chief Financial Officer from June 2021 to June 2022, as Executive Vice President, Chief Financial Officer from 2019 to 2021, as Senior Vice President, Chief Financial Officer from 2…read full bio
ATI INC (ATI)  Mkt Cap: $5.9B
1-Yr TSR: 15.8%
CEO Robert S Wetherbee
5.5 yrs ; 11.6% TSR
Kimberly A Fields Ms. Fields, age 54, joined ATI in 2019 as Executive Vice President of ATI’s Flat Rolled Products group, and in 2020 took on leadership of both the Company’s business segments. She was appointed Chief Operating Officer in January 2022 and became President and Chief Operating Officer in July 2023. Prior to joining ATI, Fields was group president for industrial and energy at IDEX Cor…read full bio
CHEGG INC (CHGG)  Mkt Cap: $901.8M
1-Yr TSR: -43.3%
CFO Andrew J Brown
12.3 yrs ; 1.0% TSR
David Longo Mr. Longo has served as the Company’s Vice President, Chief Accounting Officer, Corporate Controller, Assistant Treasurer, and Principal Accounting Officer since December 2021. Prior to joining the Company, Mr. Longo served as Chief Accounting Officer at Spire Global, Inc., a data and analytics company, from October 2021 to December 2021; as Chief Accounting Officer at Shutter…read full bio
DUTCH BROS INC (BROS)  Mkt Cap: $4.9B
1-Yr TSR: -24.5%
CFO Charles Jemley
2.4 yrs ; -20.8% TSR
Joshua Guenser Guenser joins Dutch Bros as Incoming Chief Financial Officer on or about February 19, 2024, and we expect, following a transitional period and subject to his appointment by the Board, he will succeed Charley Jemley as Chief Financial Officer following the release of the Company’s financial results for the quarter ending March 31, 2024. To facilitate a smooth transition, we expect Jemley will…read full bio
EMERGENT BIOSOLUTIONS INC (EBS)  Mkt Cap: $145.3M
1-Yr TSR: -80.4%
CEO Haywood Miller
.7 yrs *interim; ; -79.9% TSR
Joseph C Papa Mr. Papa brings over 35 years of experience in the healthcare and pharmaceutical industry, having most recently served as Chief Executive Officer and Chairman at Bausch and Lomb Corporation (“Bausch and Lomb”) (NYSE: BLCO) a global eye health company. Prior to his role at Bausch and Lomb, Mr. Papa was the Chief Executive Officer and Chairman of Valeant Pharmaceuticals International Inc…read full bio
EMPIRE STATE REALTY TRUST INC (ESRT)  Mkt Cap: $1.6B
1-Yr TSR: 35.8%
CFO Christina Chiu
3.8 yrs ; 2.1% TSR
Stephen Horn Stephen V. Horn, age 38, formerly Senior Vice President, Chief Accounting Officer of the Company, was promoted to Executive Vice President, Chief Financial Officer & Chief Accounting Officer of the Company, effective as of such date. Mr. Horn joined the Company as Deputy Chief Accounting Officer in December 2020 and was promoted to Chief Accounting Officer in February 2021. Prior to joining th…read full bio
EVE MOBILITY ACQUISITION CORP (EVE)  Mkt Cap: $169.6M
1-Yr TSR: 4.7%
CEO Maximilian A Staedtler
.3 yrs
Khairul Azmi Bin Ismaon Khairul Azmi Bin Ismaon, age 41, serves as our Chief Executive Officer and one of our directors. Mr. Ismaon is a highly skilled professional with a proven track record in asset and business turnaround, specializing in efficient and profitable operations across challenging regions. Holding a bachelor’s degree in business administration and a Diploma in Accountancy, Mr. Ismaon has secured cros…read full bio
EVE MOBILITY ACQUISITION CORP (EVE)  Mkt Cap: $169.6M
1-Yr TSR: 4.7%
CFO Curtis Pierce
.3 yrs
Ulf Henning Richter Dr. Ulf Henning Richter, age 44, serves as our Chief Financial Officer. Dr. Richter is a distinguished academic and entrepreneur, holds a Doctorate in Economic Sciences from HEC Lausanne, Switzerland, and an MBA from European Business School, Oestrich-Winkel, Germany. As the Founder and CEO of CARBON10B X, specializing in carbon removal solutions, and the head of Richterion Limited, a trade and in…read full bio
FINWARD BANCORP (FNWD)  Mkt Cap: $98.2M
1-Yr TSR: -34.0%
CFO Robert T Lowry
19.3 yrs ; 1.7% TSR
Benjamin L. Schmitt Mr. Schmitt, who is 43 years old, previously served as President of Rally Consulting LLC from August 2023 to February 2024, where he advised on special projects and managed strategic efforts of commercial and community banking clients. Previously, Mr. Schmitt served as Managing Director within the financial services investment banking group at Piper Sandler Companies from January 20…read full bio
GOOSEHEAD INSURANCE INC (GSHD)  Mkt Cap: $2.7B
1-Yr TSR: 95.5%
CEO Mark E Jones Jr
21.5 yrs ; 34.1% TSR
Mark Miller Mark Miller serves as the President and Chief Operating Officer for Goosehead. In addition, Mr. Miller has served on the board since March 2018. For the past 15 years, Mr. Miller has worked for some of the largest private equity firms in the world helping drive large scale financial and operational transformations. Mr. Miller was the Chief Financial Officer of Pluralsight, Finastra, Marketo, and A…read full bio
GRAY TELEVISION INC (GTN)  Mkt Cap: $758.9M
1-Yr TSR: -49.1%
CFO James C Ryan
25.7 yrs ; .0% TSR
Jeff Gignac Mr. Gignac, age 48, joined Wells Fargo in September 2004, where he has served in a variety of roles in leveraged finance and media investment banking, and was named a Managing Director in February 2014, and as Head of Media & Telecom Investment Banking in September 2022. From 2002 to 2004, Mr. Gignac served as Vice President at Ernst & Young Corporate Finance, focusing on restructuring adv…read full bio
HEALTH CATALYST INC (HCAT)  Mkt Cap: $487.5M
1-Yr TSR: -42.4%
CFO Bryan Truman Hunt
3.2 yrs ; -36.1% TSR
Jason Alger  Mr. Alger will continue as the Company’s principal accounting officer. Mr. Alger has served as the Company’s Chief Accounting Officer and principal accounting officer since January 2021. Mr. Alger has served as the Company’s Senior Vice President of Finance since September 2017, and as Controller since April 2013. Prior to joining the Company, Mr. Alger was at the public accounti…read full bio
ICAHN ENTERPRISES LP (IEP)  Mkt Cap: $8.1B
1-Yr TSR: -55.1%
CEO David Willetts
2.3 yrs ; -25.2% TSR
Andrew Teno Prior to his appointment as President and Chief Executive Officer, Mr. Teno, age 38, served as a portfolio manager at Icahn Capital LP, a subsidiary of the Company, since October 2020. Mr. Teno previously worked at Fir Tree Partners, a New York based private investment firm that invests worldwide in public and private companies, real estate and sovereign debt, from 2011 to April 2020. Pr…read full bio
INMED PHARMACEUTICALS INC (INM)  Mkt Cap: $2.4M
1-Yr TSR: -72.5%
CFO Jonathan Tegge
1.2 yrs ; -81.1% TSR
N. Netta “Neeta” Jagpal Ms. Jagpal joins InMed with over 20 years of experience in financial leadership roles, primarily in the biotech industry. Prior to InMed, Ms. Jagpal served as Vice President, Financial Reporting & Compliance for D-Wave Systems Inc. (NYSE:QBTS) where she led a finance team through the initial public offering process. Prior to D-Wave, Netta spent 11 years at Zymeworks Inc. (NYSE:ZYME), a leading…read full bio
INSEEGO CORP (INSG)  Mkt Cap: $32.5M
1-Yr TSR: -75.3%
CEO Ashish Sharma
1.9 yrs ; -75.8% TSR
Philip G Brace Mr. Brace, age 53, joined the Board in September 2023. Mr. Brace has an extensive technology and operations background. His experience at technology companies over the past 30 years includes roles in a wide array of functional areas, including engineering, software, hardware, and sales and marketing. Most recently, Mr. Brace served as president and CEO of Sierra Wireless Inc. from July 2021 u…read full bio
JACKSON FINANCIAL INC (JXN)  Mkt Cap: $4.1B
1-Yr TSR: 17.8%
CFO Marcia Lynn Wadsten
3.3 yrs ; 37.8% TSR
Don W Cummings Cummings has nearly 40 years of experience in the financial services industry. Prior to joining Jackson in 2020, Cummings served as interim Chief Financial Officer at Fortitude Reinsurance Company Ltd. since 2019 and previously held various finance roles at American International Group, Inc., including Global Corporate Controller. He earned a Bachelor of Business Administration in Accounting from …read full bio
JAZZ PHARMACEUTICALS PLC (JAZZ)  Mkt Cap: $8.1B
1-Yr TSR: -9.1%
CFO Renee D Gala
4.0 yrs ; -2.4% TSR
Philip Johnson Previously, Mr. Johnson, age 59, served as the Group Vice President of Finance, Treasurer, at Eli Lilly and Company, Inc., an international biotechnology company, from January 2018 to March 2024. Prior to that, Mr. Johnson served in various roles in the finance organization. Mr. Johnson holds a B.S. in Finance from the University of Illinois and a Master of Management from the Kello…read full bio
MSA SAFETY INC (MSA)  Mkt Cap: $7.1B
1-Yr TSR: 36.3%
CEO Nishan J Vartanian
6.0 yrs ; 14.2% TSR
Steven C Blanco Mr. Blanco, age 57, has served as the Company’s President and Chief Operating Officer since June 2023. Prior thereto, he served as Senior Vice President and President of MSA Americas from June 2022 to June 2023, as Vice President and President, MSA Americas from August 2017 to June 2022, as Vice President, MSA Northern North America from July 2015 to August 2017, and as Vice President of Glo…read full bio
MURPHY USA INC (MUSA)  Mkt Cap: $8.5B
1-Yr TSR: 55.7%
CFO Malynda K West
10.6 yrs ; 24.8% TSR
Galagher Jeff Mr. Jeff has previously served as the Senior Vice President, FP&A, Treasurer and Chief Transformation Officer at Dollar Tree Stores, Inc. since 2023. Prior to his time at Dollar Tree, Mr. Jeff was Senior Vice President, Finance and Head of Strategy and Transformation at Advance Auto Parts from 2020 to 2023. Prior to 2020, Mr. Jeff was Vice President, U.S. Merchandising Strategy, Pricing and As…read full bio
OLIN CORP (OLN)  Mkt Cap: $6.3B
1-Yr TSR: -11.3%
CEO Scott Mcdougald Sutton
3.5 yrs ; 58.1% TSR
Kenneth Todd Lane Mr. Lane is Executive Vice President, Global Olefins and Polyolefins (O&P) at LyondellBasell, one of the world’s largest plastics, chemicals and refining companies, with manufacturing and commercial responsibilities for the O&P Americas, and O&P Europe, Asia and International segments as well as global procurement. Preceding this assignment, Mr. Lane served as Executive Vice Pres…read full bio
PHOTRONICS INC (PLAB)  Mkt Cap: $1.7B
1-Yr TSR: 62.5%
CFO John P Jordan
6.4 yrs ; 21.8% TSR
Eric Rivera
(interim)
Mr. Rivera, 47, has served as the Company’s vice president, corporate controller since April 2016, and served as the principal accounting officer since 2020. Mr. Rivera will retain the role of corporate controller and principal accounting officer during the interim appointment….read full bio
PULMONX CORP (LUNG)  Mkt Cap: $454.3M
1-Yr TSR: 23.4%
CEO Glendon E French III
9.3 yrs ; -28.9% TSR
Steven S. Williamson Steve Williamson brings nearly 30 years of experience driving high growth medical device businesses, having served most recently as Chief Commercial Officer of Outset Medical, Inc (“Outset”). Prior to Outset, he served as the Worldwide President for the Peripheral Intervention (“PI”) business unit of CR Bard (“Bard”) and later Becton, Dickinson and Company (&ldq…read full bio
PURECYCLE TECHNOLOGIES INC (PCT)  Mkt Cap: $835.1M
1-Yr TSR: -20.9%
CFO Jeffrey Richard Fieler
.2 yrs
Jaime Vasquez Mr. Vasquez most recently served as Chief Financial Officer at C&D Technologies, a manufacturer of batteries for the golf cart, industrial, and data center markets, from September 2020 through November 2022. From April 2020 until September 2020, Mr. Vasquez was a financial consultant to C&D Technologies. From 2014 through 2019, Mr. Vasquez was employed at AK Steel, a previously public…read full bio
QUIDELORTHO CORP (QDEL)  Mkt Cap: $3.1B
1-Yr TSR: -47.8%
CEO Douglas C Bryant
1.8 yrs ; -25.5% TSR
Michael S Iskra
(interim)
Mr. Iskra (age 54) became our Executive Vice President in December 2022 and has served as our Chief Commercial Officer since May 2022. Prior to joining the Company in connection with the business combination of Quidel Corporation and Ortho Clinical Diagnostics Holdings plc (“Ortho”), Mr. Iskra served as Executive Vice President of Commercial Excellence & Strategy of Ortho from mid-…read full bio
QUIDELORTHO CORP (QDEL)  Mkt Cap: $3.1B
1-Yr TSR: -47.8%
CEO Douglas C Bryant
1.8 yrs ; 17.9% TSR
Michael S Iskra
(interim)
Mr. Iskra (age 54) became our Executive Vice President in December 2022 and has served as our Chief Commercial Officer since May 2022. Prior to joining the Company in connection with the business combination of Quidel Corporation and Ortho Clinical Diagnostics Holdings plc (“Ortho”), Mr. Iskra served as Executive Vice President of Commercial Excellence & Strategy of Ortho from mid-…read full bio
SARCOS TECHNOLOGY & ROBOTICS CORP (STRC)  Mkt Cap: $14.5M
1-Yr TSR: -82.5%
CEO Laura J Peterson
.8 yrs *interim; ; -80.7% TSR
Benjamin G Wolff Prior to joining Old Sarcos, Mr. Wolff served as Chief Executive Officer, President and Chairman at Pendrell Corporation from December 2009 to November 2014. In April 2004, Mr. Wolff co-founded Clearwire Corporation, where he served as President and Chief Executive Officer until March 2009 and Co-Chairman until October 2011. Mr. Wolff previously served on the board of the Cellular Telecommunicatio…read full bio
SIDUS SPACE INC (SIDU)  Mkt Cap: $3.7M
1-Yr TSR: -94.1%
CFO Teresa C Burchfield
1.8 yrs ; -89.3% TSR
Bill White Mr. White will oversee the Company’s accounting, financial planning, capital raise, treasury, legal and regulatory functions. White has more than 30 years of experience in financial management, operations and business development. Mr. White most recently served as Chief Financial Officer of ProPhase Labs, Inc. (Nasdaq: PRPH) and prior to ProPhase he was CFO, treasurer and secretary of I…read full bio
SUNCOKE ENERGY INC (SXC)  Mkt Cap: $918.0M
1-Yr TSR: 21.2%
CEO Michael G Rippey
6.4 yrs ; 2.9% TSR
Katherine T Gates Katherine T. Gates. Ms. Gates was elected President of SunCoke Energy, Inc., and was appointed as a director on SunCoke’s Board of Directors, effective January 1, 2023. Prior to that, she was Senior Vice President, Chief Legal Officer and Chief Human Resource Officer since November 2019. Ms. Gates served as Senior Vice President, General Counsel and Chief Compliance Officer from October 2015 to No…read full bio
THEREALREAL INC (REAL)  Mkt Cap: $174.7M
1-Yr TSR: 21.0%
CFO Todd A Suko
.1 yrs *interim;
Ajay Gopal Mr. Gopal, age 49, is currently serving as Chief Financial Officer of Outside Interactive, Inc., a position he has held since December 2020. Mr. Gopal previously served as Chief Financial Officer of Good Eggs, Inc. from July 2019 to December 2020, of Helix, Inc. from July 2018 to July 2019, and of StubHub from April 2013 to June 2018. Prior to these roles, Mr. Gopal held senior roles at eBay, Inc….read full bio
ZEVIA PBC (ZVIA)  Mkt Cap: $105.6M
1-Yr TSR: -63.8%
CFO Florence Neubauer
.4 yrs *interim; ; -35.5% TSR
Girish Satya Mr. Satya, 47, has over 20 years of experience serving as a financial executive, leading transactions, and handling capital management projects, corporate turnarounds, and spearheading financial and operational improvements for numerous global companies. Prior to joining the Company, and from 2021 to 2022, Mr. Satya served as Global Chief Financial Officer for Backcountry, a multi-brand, global e-…read full bio

 

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