Weekly Activism & Executive Moves Review (April 12)

by | Apr 15, 2024

Activism Snapshot

Macy’s and Arkhouse entered a cooperation agreement and settled, for now their “hostile” acquisition situation. However, while no longer “hostile” (maybe), Arkhouse and Brigade still are pushing for Macy’s to sell and their new directors will sit on the board committee assessing the offer and alternatives. It seems the balance has tilted in favor of Arkhouse/Brigade, but nothing is settled yet. Note that next week we’ll take another look at how 2024’s cooperation agreements have been received by shareholders after their announcement. For those announced at the start of April — MRC, ELAN, and TWLO — each is down since so far, but it will take time for the activists and new directors to make a real impact, so nobody should read too much into the change in price yet.

Catch up on the latest Activism and Governance research from Boardroom Alpha:

CEO / CFO Moves Snapshot

Angi Inc. (ANGI) CEO Joesph Levin steps down and hands the CEO role over to long-time Angi insider Jeffrey Kip. Kip has served as President of Angi since November 2023 and CEO of Angi International since April 2016. Levin will remain CEO of Angi’s parent IAC (IAC).   Changes at Illumina (ILMN) continue as CFO Joydeep Goswami steps down after a little over 1.5 years and seeing the stock drop almost -22% over his tenure. New CEO Ankur Dhingra takes over after having served as CFO at Summit Therapeutics In. (SMMT) and CAREDx (CDNA) before that. Despite Icahn winning his fight at Illumina in 2023, the company’s path has not yet changed course and investors will be hoping for a change in trajectory soon. ILMN shareholders will get their chance to vote their opinions on May 16th at the annual shareholder meeting.

 

ACTIVISM UPDATE

LATEST COOPERATION AGREEMENTS

 

TARGET 1-Year TSR ACTIVIST SUMMARY FILING DATE STOCK CHANGE DAYS SINCE
MRC GLOBAL INC (MRC) 33.7% Engine Capital
  • Appointed Daniel B. Silvers to the board
  • Add Silvers to the Compensation & Human Capital Committee and the ESG & Enterprise Risk Committee
  • Board size limited to maximum 11 directors
  • Engine Capital must maintain a 2.5% net long position
View Filing 2024-04-02 -0.4% 10
ELANCO ANIMAL HEALTH INC (ELAN) 61.2% Ancora
  • Appointed Kathy V. Turner and Craig S. Wallace to the board
  • Both appointed to the Finance and Oversight Committee of the Company’s Board, which will be renamed the “Finance, Strategy and Oversight Committee”
  • Board grows from 12 to 14 members
View Filing 2024-04-01 -7.6% 11
TWILIO INC (TWLO) 2.8% Sachem Head
  • Appointed Andy J. Stafman to the Twilio board of directors (Class II)
  • Board grows from 9 to 10 members
  • Sachem Head must maintain a net long position of at least 50% of the position held at time of agreement
View Filing 2024-04-01 -1.8% 11

 

NOTABLE 13D ACTIVIST FILINGS

Quick Link: See last week’s 13D filings update

FILED TICKER COMPANY FILED BY OWNERSHIP 1-Year TSR SUMMARY FILING
2024-04-12 CULP CULP INC 22NW Fund, LP 9.90 -15.6% summary 2024-04-12 – SC 13D
2024-04-12 TEF TELEFONICA S A CRITERIA CAIXA, S.A.U. 5.00 2.2% summary 2024-04-12 – SC 13D
2024-04-08 DCO DUCOMMUN INC Albion River Management LLC 9.00 3.7% summary 2024-04-08 – SC 13D

 

2024 PROXY CONTEST RESULTS

TICKER COMPANY ACTIVIST MEETING DATE SUMMARY
M MACY’S INC Arkhouse Management May 17, 2024 RESULT SUMMARY

  • Macy’s and Arkhouse entered a cooperation agreement before the shareholder meeting resulting in (a) Arkhouse selected directors joining the board and an uncontested proxy (see the Macy’s proxy statement)
  • Richard Clark and Richard L. Markee were appointed to the board according to an April 10, 2024 cooperation agreement
  • Clark and Markee also join the finance committee of the board
  • The Board has delegated to the Finance Committee oversight of the evaluation, review and consideration of Arkhouse and Brigade Capital Management, LP’s non-binding proposal to acquire the Company

FIGHT SUMMARY

  • Arkhouse had partnered with Brigade Capital to make a $5.8 billion takeover offer for Macy’s, which was subsequently rejected by the retailer. Arkhouse and Brigade subsuquently increased the bid from $21 per share to $24 per share.
  • Given Macy’s (M) resistance, the investors have launched a proxy contest and nominated nine director candidates
  • Macy’s new CEO, Tony Spring, started on February 4th, 2024 after heading Bloomingdale’s and Bluemercury
DIS WALT DISNEY CO Trian / Nelson Peltz
Blackwell’s
April 3, 2024 RESULT SUMMARY: DISNEY / IGER PREVAIL

  • Walt Disney and Bob Iger prevailed against both Trian / Nelson Peltz and Blackwell’s
  • We’re still waiting on the 8-K 5.07 with full vote tallies, but Disney released a PR stating all twelve of their nominees were re-elected
  • Disney closed down 2.6% for the week after the Wednesday day vote

Proxy Contest Summary Notes

  • Trian owned ~$3 billion in DIS shares.
  • Trian and Nelson Peltz are campaigning for 2 board seats, one for Mr. Peltz and one for former CFO of Disney James A. Rasulo.
  • Trian and Peltz also have the backing of Ike Perlmutter, a former Disney employee that is one of the largest independent shareholders. Perlmutter had previously agitated for Peltz to be given a board seat in 2022.
  • Trian launched an initial proxy battle in 2022 where he advocated for cutting costs, fixing the streaming business, and get executive succession right. He ended that fight early after Disney announced a restructuring that included over $5.5 billions in cuts.
  • Trian has a site dedicated to the campaign called Restore The Magic
  • Blackwell’s also believes that Disney could unlock more value.
  • Blackwell’s is against Trian / Peltz receiving any board membership.
  • Blackwell’s only own’s approximately $15 million of DIS shares.
  • Blackwell’s released a video making their case against Trian here and their own site, The Future of Disney.
  • On February 29th, nine of Walt Disney’s grandchildren — including Abigail Disney and Roy Disney — put their weight behind Bob Iger and the current board. They forcefully rejected the idea that Trian and Nelson Peltz joining the board would be a positive for the company.
ELAN ELANCO ANIMAL HEALTH INC Ancora N/A RESULT

  • Elanco (ELAN) and Ancora entered into a cooperation agreement (see above)

Proxy Fight Summary

  • Ancora has built a $250 million position in Elanco
  • They believe Elanco’s “biggest barriers to success are the Company’s insular Board and unaccountable CEO.”
  • Elanco’s board is staggered (a governance red flag at all times)
  • Ancora argues that over any longer-term horizon, management has delivered negative shareholder return and, only when the market realized Ancora had become material investors and may create change, has the stock price begun to rise.
  • Ancora is pushing for 4 board seats for: Kathy Turner, Craig Wallace, James Chadwick, and Andrew Clarke.
MRC MRC GLOBAL INC ENGINE CAPITAL N/A RESULT

  • MRC (MRC) and Engine Capital entered into a cooperation agreement (see above)

Proxy Fight Summary

  • Nominating two directors to the board: Brad Favreau and Daniel Silvers
  • Engine Capital believes that MRC is significantly underperforming, especially relative to DNOW Inc.
  • Engine Capital believes that MRC’s inability to settle it’s ongoing dispute with Cornell Capital is preventing MRC from optimizing capital structure
  • Engine Capital believes that MRC’s M&A strategy is flawed and that CEO Rob Saltiel does not have a successful track record in acquisitions or integrations
SBUX STARBUCKS CORP Strategic Organizing Center (SOC) March 15, 2024 Vote Results – MARCH 15, 2024

  • All SBUX directors were re-elected
  • The board received an average of 95.7% support
  • Mellody Hobson (90.1% FOR) and Jørgen Vig Knudstorp (90.3% FOR) received the lowest support
  • Ritch Allison (93.3% FOR), Andy Campion (95.7% FOR) and Jørgen Vig Knudstorp (90.3% FOR) were the “opposed” directors
  • So, while the support is definitely lower than typical, it remained relatively high and most shareholders were unswayed by SOC’s push

Proxy Fight Summary

  • The Strategic Organizing Center (SOC), a coalition of unions, believes that Starbucks has implemented a flawed human capital management strategy in response to a prolonged union movement.
  • Union Dispute: Baristas at almost 400 Starbucks-owned cafes have voted for organizing since late 2021, with the first successful unionization taking place in Buffalo. The unionization movement, primarily led by younger workers and intensified under former CEO Howard Schultz’s leadership, saw Schultz return as the union fight escalated before his departure last year, replaced by Laxman Narasimhan.
  • The SOC seeks to replace three current Starbucks board members with its nominees.
  • Starbucks defends its board, highlighting their expertise in driving current operations and future success. The company emphasizes its commitment to employees, citing investments in wage increases, training, and equipment. However, contract negotiations remain unresolved despite Starbucks’ expressed intent to resume talks in January.
  • Institutional Shareholder Services (ISS) has recommended shareholders vote in favor of all Starbucks board nominees
WH WYNDHAM HOTELS & RESORTS INC CHOICE HOTELS INTERNATIONAL INC N/A RESULT

March 11, 2024 — Choice abandons it’s takeover effort and proxy contest

BACKGROUND

 

LATEST PROXY CONTEST FILINGS

TICKER COMPANY LATEST PROXY SUMMARY FILED BY FILINGS
AHT ASHFORD HOSPITALITY TRUST INC 2024-04-09 – PREC14A
  • Blackewell’s asking shareholders to vote against Monty J. Bennett, Amish Gupta, J. Robison Hays, III, Kamal Jafarnia, David W. Johnson, Frederick J. Kleisner, Sheri L. Pantermuehl, Davinder “Sonny” Sra and Alan L. Tallis
  • Blackwell’s believes that Chair Monty Bennett is “largely responsible for the overall lack of accountability at Ashford Trust given the Company’s persistent underperformance”
  • Blackwell’s is not proposing an alternative slate of directors
  • Because it is “uncontested” by definition, incumbent directors that do not receive the affirmative vote of a majority of shareholders must resign according to AHT policy
Blackwells Capital LLC 2024-04-09 – PREC14A
BHR BRAEMAR HOTELS & RESORTS INC 2024-04-11 – PREC14A
  • Nominating four directors: Michael Cricenti, Jennifer M. Hill, Betsy L. McCoy and Steven J. Pully
  • Proposal to remove “overreaching” advance notice bylaw provision
  • Proposal to urge the Board to amend the Bylaws to preclude any current or former employee, director, officer, or control person of the Corporation or Ashford (as defined in the Proxy Statement) and Ashford’s affiliates from serving as the Corporation’s chairman of the Board
  • Proposal to require the Board to disclose all extraordinary transaction proposals made by stockholders, affiliates and third parties during the two most recently completed calendar years and the terms of those proposed transactions
  • Proposal to require the Board to disclose all compensation paid by the Corporation to members of the Bennett family, The Dallas Express and employees, directors or agents of The Dallas Express, including Louis Darrouzet
BRAEMAR HOTELS & RESORTS INC 2024-04-11 – DEFA14A
2024-04-11 – DEFA14A
2024-04-11 – PREC14A
2024-04-02 – PREC14A
Blackwells Capital LLC 2024-04-12 – DFAN14A
2024-04-10 – DFAN14A
2024-04-10 – DFAN14A
2024-04-03 – DEFC14A
HCC WARRIOR MET COAL INC 2024-03-14 – DEFC14A
  • The American Federation of Labor and Congress of Industrial Organizations and United Mine Workers of America are jointly working to run a proxy fight against Warrior Met Coal
  • Proposal 1: Adopt a “poison pill” bylaw provision to require that any rights plan be submitted to a shareholder vote within one year of being adopted, extended or renewed by the Board of Directors.
  • Proposal 2: Adopt a “proxy access” bylaw provision to require that the Company include shareholder-nominated candidates in the Company’s proxy materials for up to 20 percent of the seats on the Board of Directors so long as the nominating stockholder (or a group of up to 20 stockholders) has beneficially owned at least 3 percent of Company’s outstanding shares continuously for at least three years.
  • Proposal 3: Adopt a “blank check” preferred stock amendment to the Company’s Certificate of Incorporation to prohibit the issuance of preferred stock without prior stockholder approval for any defensive or anti-takeover purpose or for the purpose of implementing any rights plan that has not been approved by stockholders within one year of adoption.
  • Proposal 4: Adopt a “golden parachute” severance agreement policy to require that all adopted, extended or renewed severance agreements with the Company’s senior executives be submitted for stockholder approval.
  • Proposal 5: Commission and oversee an independent, third-party assessment of the Company’s respect for the internationally recognized human rights of freedom of association and collective bargaining.
WARRIOR MET COAL INC 2024-04-11 – DEFA14A
2024-04-11 – DEFA14A
American Federation of Labor Congress of Industrial Organizations 2024-03-26 – DFAN14A

2024-03-18 – PRRN14A

NSC NORFOLK SOUTHERN CORP 2024-03-26 – DEFC14A  

  • Norfolk Southern (NSC) has tried to fight back by “proactively” looking to refresh the board with two new directors: Richard Anderson, the former chief executive of Amtrak and Delta Airlines and former U.S. sentaor Mary Kathryn “Heidi” Heitkamp.
  • Ancora sent a scathing open letter to Chairwoman Amy Miles regarding CEO Shaw’s executive compensation increase.
  • WSJ has a good summary of the fight here.

Activist / Ancora Summary

  • Nominating 8 new directors to the board.
  • Believes that CEO Alan Shaw must go.
  • Wants to replace top executives and put Jim Barber Jr, former UPS COO, as CEO and Jamie Boychuck as COO.
NORFOLK SOUTHERN CORP 2024-04-12 – DEFA14A
2024-04-12 – DEFA14A
2024-04-11 – DEFA14A
2024-04-11 – DEFA14A
2024-04-11 – DEFA14A
2024-04-11 – DEFA14A
2024-04-11 – DEFA14A
2024-04-11 – DEFA14A
2024-04-11 – DEFA14A
Ancora 2024-04-08 – DFAN14A
2024-04-05 – DFAN14A
2024-03-28 – DFAN14A
2024-03-26 – DEFC14A
2024-03-26 – DFAN14A
CCI CROWN CASTLE INC 2024-04-11 – DEFC14A  

  • Crown Castle Inc. is facing a proxy battle initiated by its co-founder, Ted B. Miller, and his investment vehicle.
  • Ted B. Miller criticized the Board’s actions, asserting that they wasted shareholder resources during a period of significant value destruction.
  • Boots Capital called for immediate change, advocating for new independent directors and a fresh start.
  • Miller points to Crown Castle’s board rewriting its cooperation agreement with Elliott Management as an admission that the initial process was tainted.
  • The rewritten agreement still did not require Elliott to maintain an equity position in the company.
  • Miller has filed a lawsuit to invalidate Crown Castle’s cooperation agreement with Elliott.
CROWN CASTLE INC 2024-04-11 – DEFA14A
2024-04-11 – DEFA14A
2024-04-11 – DEFA14A
2024-04-11 – DEFA14A
2024-04-11 – DEFC14A
2024-04-11 – DEFA14A
2024-04-10 – DEFA14A
Boots Parallel 1, LP 2024-04-11 – DFAN14A
2024-04-10 – PRRN14A
GNK GENCO SHIPPING & TRADING LTD 2024-04-03 – PREC14A
  • GK Investor / George Economou has provided notice that it is nominating 2 directors: Randee Day and Robert M. Pons
  • George Economou: “As a significant Genco shareholder, I strongly believe in the Company’s potential to deliver improved value for shareholders. Both Randee and Robert have highly relevant backgrounds that would, in my view, be additive in the boardroom and would help address Genco’s lagging performance. I believe the entire Board would benefit from their fresh perspectives and collective knowledge of the maritime and technology sectors and experience in finance, corporate strategy and governance.”
GENCO SHIPPING & TRADING LTD 2024-04-08 – PREC14A
2024-04-03 – DEFA14A
2024-04-03 – PREC14A
EAF GRAFTECH INTERNATIONAL LTD 2024-04-02 – DEFC14A
  • Undavia Group seeking to get Nilesh Undavia elected to the board
  • Undavia Group contends the board / company have made “egregious” mistakes including:
    • Failing to identify and appoint stable executive leadership as the Company has endured three different CEOs since 2019;
    • Failing to create and execute a comprehensive strategy to repair customer relationships damaged by the imposition and enforcement of long-term purchase agreements on the customer base amid the peak pricing environment of 2017-2018;
    • Mismanaging environmental risk along with the associated regulatory compliance and government relations resulting in a temporary suspension of one of the Company’s primary operating facilities in Mexico, which significantly impacted production and sales in 2023;
    • Failing to develop a CEO succession plan, which resulted in the search for a CEO for six months, only to appoint the former CFO as the CEO in March 2024; and
    • Rewarding directors by increasing their pay despite poor financial and share price performance.
GRAFTECH INTERNATIONAL LTD 2024-04-12 – DFAN14A
2024-04-02 – DEFC14A
2024-04-02 – DEFA14A
Undavia Nilesh 2024-04-03 – DFAN14A
2024-03-26 – PRRN14A
MASI MASIMO CORP 2023-05-24 – DEFC14A
  • Politan Capital, owning ~9% of MASI, has nominated two directors to the board of Masimo
  • Politan Capital previously won two board seats at last year’s shareholder meeting
  • Politan has nominated William Jellison, former CFO of Stryker and Darlene Solomon, former CTO of Agilent Technologies
  • Politan paints a picture (see their filings) of MASI being uncooperative and freezing their board members out
  • Masimo (see their filings) refutes Politan’s claims
MASIMO CORP 2024-04-02 – DEFA14A
2024-04-01 – DEFA14A
Politan Capital Management LP 2024-03-25 – DFAN14A
MFIN MEDALLION FINANCIAL CORP 2024-04-10 – PREC14A
  • ZimCal looking to add Stephen Hodges and Judd Deppisch to the board
  • ZimCal flags long-term underperformance with Medallion down 40% over the last 10 years and heightened near-term risk from subprime exposure
  • ZimCal has published a site supporting its case at: https://restoretheshine.com/
ZimCal Asset Management, LLC 2024-04-12 – DFAN14A
2024-04-11 – DFAN14A
2024-04-10 – PREC14A
SBOW SILVERBOW RESOURCES INC 2024-03-29 – PREC14A
  • SilverBow Resources has rejected multiple offers, over the past two years, by Kimmeridge Energy Management — the latest offer valued SBW at $2.1 billion
  • SilverBow believes the offer substantially undervalues the company
  • Kimmeridge holds a 12.9% stake in SilverBow, along with Riposte Capital, the second-largest shareholder
  • Kimmeridge is also attempting to get 3 directors onto the board
  • SilverBow has rejected the three nominees citing concerns over their independence and representation of all shareholders’ interests
SILVERBOW RESOURCES INC 2024-04-10 – DEFA14A
2024-04-09 – DEFC14A
2024-04-09 – DEFA14A
2024-03-28 – DEFA14A
2024-03-28 – PREC14A
2024-03-28 – DEFA14A
2024-03-28 – DEFA14A
Kimmeridge Energy Management Company, LLC 2024-04-11 – DFAN14A
2024-04-11 – DFAN14A
2024-04-10 – DEFC14A
2024-04-09 – PRRN14A
2024-04-01 – DFAN14A
SCOR COMSCORE INC
  • 180 Degree Capital has nominated Matthew McLaughlin to the SCOR’s board
180 DEGREE CAPITAL CORP 2024-03-04 – DFAN14A
COMSCORE INC 2024-03-25 – DEFA14A
WSR WHITESTONE REIT 2024-04-04 – DEFC14A Erez REIT Opportunities LP 2024-04-05 – DEFA14A
2024-04-04 – DEFC14A
2024-04-02 – PRRN14A
2024-03-19 – PREC14A
WHITESTONE REIT 2024-04-09 – DFAN14A
2024-04-05 – DEFC14A
2024-04-02 – PRRN14A
XPER XPERI INC 2024-03-25 – PREC14A
  • Rubric Capital opposes 2 of the 5 directors up for re-election: Deborah S. Conrad and Thomas A. Lacey
  • Rubric filed their first 13 D on January 23, 2024
  • Rubric sent XPER board a letter on January 22, 2024 nominating their directors
  • Xperi began trading as a separate company on Oct 1, 2022 after spinning out of Xperi Holding (no named Adeia Inc)
  • Xperi is down nearly 30% since the spin-off
  • Xperi has an elevated Boadroom Alpha Activist Vulnerability Score and C- average board rating
  • CEO Kirchner was paid $9.9M in 2022 despite the significant shareholder losses
  • Xperi powers the next generation of smart devices, automobiles and entertainment experiences of all kinds
Rubric Capital Management LP 2024-04-02 – PRRN14A
2024-03-26 – PRRN14A2024-03-11 – DFAN14A
2024-03-08 – PREC14A
XPERI INC 2024-03-25 – PREC14A

 

CEO & CFO MOVES

CEO Moves: ANGI, HLIT, HXL, NEON, NRIM, TDOC, VMEO, ZURA
CFO Moves: ARQT, CMBM, FIGS, GANX, GLT, HNRG, ILMN, IPI, ISSC, LIQT, MEI, PEV, PRLD, SLNH, SNSE, THR, XXII, ZCAR

COMPANY MARKET CAP / TSR ROLE LEAVING JOINING JOINER BIOGRAPHY
22ND CENTURY GROUP INC (XXII)  Mkt Cap: $5.6M
1-Yr TSR: -99.0%
CFO R. Hugh Kinsman
1.8 yrs ; -93.8% TSR
Daniel Otto Mr. Otto, age 34, has served as the Company’s Corporate Controller since July 2022 where he was responsible for accounting, SEC external reporting, treasury, tax and other finance management functions. Prior to joining the Company, Mr. Otto served as a Senior Manager at Deloitte & Touche LLP providing audit and accounting advisory services to public companies, ranging from small to large…read full bio
ANGI INC (ANGI)  Mkt Cap: $1.1B
1-Yr TSR: -1.4%
CEO Joseph Levin
1.5 yrs ; -17.4% TSR
Jeffrey W Kip Mr. Kip, age 56, has served as President of Angi since November 2023 and as Chief Executive Officer of Angi International (formerly known as HomeAdvisor International) since April 2016. Prior to serving in this role, Mr. Kip served as Chief Financial Officer of IAC Inc. (home to dozens of popular online brands and services used by millions of consumers each day and Angi’s…read full bio
ARCUTIS BIOTHERAPEUTICS INC (ARQT)  Mkt Cap: $1.2B
1-Yr TSR: -4.0%
CFO John W Smither
.7 yrs *interim; ; 6.3% TSR
David Topper Mr. Topper, age 66, joins the Company from Inmagene Biopharmaceuticals Co. Ltd. (“Inmagene”), a global clinical stage pharmaceutical company, where he has served as Chief Financial Officer since August 2023. Prior to Inmagene, Mr. Topper held significant positions in various organizations, including serving as a partner for capital markets at General Atlantic, a global growth equity fi…read full bio
CAMBIUM NETWORKS CORP (CMBM)  Mkt Cap: $116.5M
1-Yr TSR: -75.5%
CFO John Monroy Becerril
.2 yrs
Jacob Sayer Prior to joining Cambium Networks, Mr. Sayer has had various roles at Sensata Technologies Holding plc, including Vice President, Finance – Investor Relations from April 2020 to March 2024; Vice President, CFO, Industrial, Aerospace and Heavy Vehicle Business Units from January 2019 to April 2020; Vice President, CFO, Automotive Sensors Business Unit from January 2016 to January 2019; Treasu…read full bio
FIGS INC (FIGS)  Mkt Cap: $871.6M
1-Yr TSR: -23.0%
CFO Daniella Turenshine
2.3 yrs ; -55.6% TSR
Kevin Fosty
(interim)
Mr. Fosty, age 52, has served as the Company’s VP, Controller since April 2021. In this role, he has been responsible for the Company’s accounting, financial reporting, tax and financial controls. Prior to joining the Company, from July 2011 to April 2021, Mr. Fosty served as senior director at The Siegfried Group, LLP, within the finance and corporate accounting group, providing contr…read full bio
GAIN THERAPEUTICS INC (GANX)  Mkt Cap: $54.5M
1-Yr TSR: -28.8%
CFO Gianluca Fuggetta
.1 yrs
Gene Mack Gene has over 25 years of experience in the life sciences sector spanning clinical research, financing and capital markets, investing, corporate strategy and business development. Prior to joining Gain, Gene was CFO at privately held Imcyse SA between 2021 and 2023. Prior to Imcyse, Gene was CFO at OncoC4, a privately held biotechnology company that spun out of Merck & Co’s (MSD) $4…read full bio
HALLADOR ENERGY CO (HNRG)  Mkt Cap: $166.4M
1-Yr TSR: -49.6%
CFO Lawrence D Martin
8.0 yrs ; 2.6% TSR
Marjorie Anne Hargrave Ms. Hargrave, 60, is an accomplished financial executive with experience across a variety of industries, including the power sector.  Since 2023, Ms. Hargrave served as Chief Financial Officer of Leanin’ Tree, Inc., a manufacturer and distributor of greeting cards.  Between 2019 and 2022, she served as the President and CFO of Enservco Corporation, a diversified national provider o…read full bio
HARMONIC INC (HLIT)  Mkt Cap: $1.2B
1-Yr TSR: -29.6%
CEO Patrick Harshman
18.1 yrs ; 4.0% TSR
Nimrod Ben-Natan Mr. Ben-Natan joined the Company in 1996, was named Vice President of Product Marketing, Solutions and Strategy in 2007, and was appointed Senior Vice President and General Manager, Cable Products, in June 2012. From 1993 to 1996, Mr. Ben-Natan served as an Embedded Software Engineer at Orckit Communications Ltd., a digital subscriber line developer. Previously, he worked on wireless communication…read full bio
HEXCEL CORP (HXL)  Mkt Cap: $5.4B
1-Yr TSR: -4.0%
CEO Nick L Stanage
10.7 yrs ; 7.4% TSR
Thomas C. Gentile III Mr. Gentile, 59, was the President and Chief Executive Officer of Spirit AeroSystems Holdings, Inc. from August 2016 through September 2023. Previously, he held a succession of leadership roles at General Electric (“GE”) across the U.S., France and Australia from 2008 through 2016, including President & Chief Operating Officer of GE Capital Corporation, President & CEO of GE He…read full bio
ILLUMINA INC (ILMN)  Mkt Cap: $20.8B
1-Yr TSR: -43.1%
CFO Joydeep Goswami
1.8 yrs *interim; ; -21.6% TSR
Ankur Dhingra Ankur Dhingra is joining Illumina as Chief Financial Officer (CFO), leading Illumina’s financial planning and analysis, accounting, investor relations, internal audit, tax, and treasury functions. Dhingra brings a breadth of experience from the life sciences tools, diagnostics, and pharmaceutical industries. He formerly was CFO at Summit Therapeutics Inc. (NASDAQ: SMMT), and prior to that wa…read full bio
INNOVATIVE SOLUTIONS & SUPPORT INC (ISSC)  Mkt Cap: $115.4M
1-Yr TSR: -12.6%
CFO Relland Winand
.4 yrs ; .3% TSR
Jeffrey Digiovanni Jeffrey DiGiovanni, age 47, served as Senior Vice President and Chief Financial Officer of StoneMor Inc. (formerly NYSE: STON), a provider of funeral and cemetery products and services in the death care industry, from September 2019 to May 2023, and prior to that, served as StoneMor Inc.’s Chief Accounting Officer from September 2018 to September 2019. From January 2…read full bio
LIQTECH INTERNATIONAL INC (LIQT)  Mkt Cap: $15.3M
1-Yr TSR: -23.4%
CFO Simon Seidelin Stadil
2.4 yrs ; -66.2% TSR
TBD TBD
METHODE ELECTRONICS INC (MEI)  Mkt Cap: $444.9M
1-Yr TSR: -69.2%
CFO Ronald Lg Tsoumas
6.3 yrs ; -16.4% TSR
David A Rawden
(interim)
David Rawden, age 66, has been a Director at AlixPartners LLP since 2008. Mr. Rawden’s assignments through AlixPartners have included being Interim Chief Financial Officer for Simtry, a privately held pharmaceutical CDMO company, from August 2023 to February 2024, Interim Chief Financial Officer at Academic Partnerships, a privately held educational online program manager company, from July …read full bio
NEONODE INC (NEON)  Mkt Cap: $22.7M
1-Yr TSR: -79.3%
CEO Urban Forssell
4.3 yrs ; -4.1% TSR
Fredrik Nihlen
(interim)
Fredrik Nihlen , age 38, commenced employment as Chief Financial Officer, Treasurer and Secretary of our company on August 2, 2021. Mr. Nihlen previously served as Finance Director IFS Nordics at IFS Sverige AB (“IFS”) since November 2019. Prior to joining IFS, Mr. Nihlen held the position of Group Chief Financial Officer at Cinnober Financial Technology AB from September 2018 to October 2019. Bef…read full bio
NORTHRIM BANCORP INC (NRIM)  Mkt Cap: $252.8M
1-Yr TSR: 7.0%
CEO Joseph M Schierhorn
6.8 yrs ; 11.1% TSR
Michael G Huston Mr. Huston is currently the President of the Bank and was appointed President and Chief Lending Officer of the Bank in March 2022. He relinquished the title of Chief Lending Officer in March 2023. Mr. Huston was originally hired as the Executive Vice President and Chief Lending Officer of the Bank in 2017. He joined the Bank with over 25 years of experience that includes serving as the Execut…read full bio
PHOENIX MOTOR INC (PEV)  Mkt Cap: $17.0M
1-Yr TSR: 24.8%
CFO James Mark Hastings
.1 yrs
TBD TBD
PRELUDE THERAPEUTICS INC (PRLD)  Mkt Cap: $286.7M
1-Yr TSR: -25.3%
CFO Laurent Chardonnet
2.4 yrs ; -44.0% TSR
Bryant David Lim
(interim)
Mr. Lim, age 53, has served as the Company’s Chief Legal Officer and Corporate Secretary since February 2023 and will continue in those roles in addition to his new role. Prior to joining the Company, Mr. Lim served as Senior Vice President, General Counsel and Chief Business Officer at Aceragen Inc., a biotechnology company previously known as Idera Pharmaceuticals, from September 2018 to F…read full bio
SENSEI BIOTHERAPEUTICS INC (SNSE)  Mkt Cap: $27.3M
1-Yr TSR: -28.8%
CFO Erin Colgan
2.3 yrs ; -52.3% TSR
TBD TBD
SOLUNA HOLDINGS INC (SLNH)  Mkt Cap: $6.3M
1-Yr TSR: -65.7%
CFO David C Michaels
1.0 yrs *interim; ; -58.0% TSR
John Tunison Tunison has held multiple leadership roles in energy and financing, including with Trussway, Velocys plc, Ascend Performance Materials, Univar, and Shell Oil Company. A former nuclear engineer and submarine officer with the US Navy, he also holds an M.B.A. in Finance from the University of Rhode Island and a bachelor’s degree in Political Science from the U.S. Naval Academy….read full bio
TELADOC HEALTH INC (TDOC)  Mkt Cap: $2.4B
1-Yr TSR: -43.2%
CEO Jason N Gorevic
14.8 yrs ; -7.6% TSR
Mala Murthy Ms. Murthy, 60, has served as the Company’s Chief Financial Officer since 2019, in which capacity she has led the Company’s global finance organization, including accounting, financial planning & analysis and investor relations. Previously, from 2016 to 2019, she served as Chief Financial Officer of Global Commercial Services at American Express, a financial services company, where…read full bio
THERMON GROUP HOLDINGS INC (THR)  Mkt Cap: $1.1B
1-Yr TSR: 36.5%
CFO Kevin Fox
3.2 yrs ; 22.1% TSR
Greg Lucas Mr. Lucas, age 48, has served as the Company’s Corporate Controller since 2021, in which capacity he manages the Company’s accounting and financial reporting organization. Prior to joining the Company, Mr. Lucas was the Assistant Corporate Controller for BNSF Railway Company from 2019 to 2020, a leading freight transportation company. From 2017 to 2019, Mr. Lucas was the Controller of …read full bio
VIMEO INC (VMEO)  Mkt Cap: $621.8M
1-Yr TSR: 2.5%
CEO Adam Gross
.6 yrs *interim; ; 10.3% TSR
Philip D Moyer Philip Moyer , age 58, was appointed to serve as our Chief Executive Officer and a member of our Board effective April 8, 2024. Prior to joining Vimeo, Mr. Moyer served as Global VP of Applied AI Engineering and Business Development and VP of Strategic Industries, Google Cloud, a division of Alphabet Inc., a role he held since July 2019. Prior to Alphabet, Mr. Moyer was Director of Financial Servi…read full bio
ZOOMCAR HOLDINGS INC (ZCAR)  Mkt Cap: $16.7M
1-Yr TSR: -96.0%
CFO Geiv Dubash
1.1 yrs ; -89.9% TSR
Sachin Gupta
(interim)
Sachin Gupta has served as the Company’s Financial Controller since May 2019 and is responsible for all aspect of Accounting, Finance, Treasury, Taxation, Statutory Audits, and Internal Audits of all the entities of Zoomcar globally. Mr. Gupta has more than 12 years of accounting and business experience. Prior to Zoomcar, Mr. Gupta spent two years as a Financial Planning and Analysts (&ldquo…read full bio
ZURA BIO LTD (ZURA)  Mkt Cap: $125.1M
1-Yr TSR: -76.1%
CEO Someit Sidhu
2.8 yrs ; -36.8% TSR
Robert Lisicki Robert Lisicki has served as President and Chief Operating Officer since January 2024. He will become our Chief Executive Officer and a director on April 8, 2024. He is an experienced executive leader with a career spanning 30 years in the biopharmaceutical industry. Mr. Robert Lisicki has been serving on the boards of Adiso Therapeutics and Cadrenal Therapeutics, Inc. since October 2023 and July …read full bio

Recent Analysis

Daily SPAC Update – May 24, 2024

QRDO To Liquidate at $10.96. ShoulderUp Extends with 1.1M Redemptions. BFAC Extension Vote. Churchill Investor Deck. DIST Merger Agreement.

Daily SPAC Update – May 23, 2024

MAQC + Immersed Inc. Deal Terminated. GPAC Deal Vote Set. IVCB Extends w/ 2.1M Redemptions. CVII Investor Deck. PWUP Redemption Agreement.

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