Weekly Activism & Executive Moves Review (April 19)

by | Apr 22, 2024

Activism Snapshot

180 Degree Capital and Comscore (SCOR) agreed to end their proxy fight before it really heated up. Comscore has placed Matthew McLaughlin as a nominee in their proxy and 180 Degree Capital has agreed not to propose a declassification of the board. FREYR Battery (FREY) and Teknovekst Invest AS entered a cooperation agreement where the activist gets a new board member placed. FREYR is also churning 4 additional directors with 2 exiting at the shareholder meeting and 2 coming on.

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

CEO / CFO Moves Snapshot

The biggest news of the week for CEOs was Jabil, Inc (JBL) CEO Ken Wilson being placed on administrative leave. After only about a year on the job, being placed on leave “pending completion of an investigation related to corporate policies” is surely a bad sign. Meheryar Dastoor will take over in the interim. Also of note, the trend of consolidating to a single CEO from co-CEO continues with Brainstorm Cell Therapeutics (BLCI) co-CEO Stacy Lindborg stepping aside. Lindborg will remain a director of the company.

 

ACTIVISM UPDATE

LATEST COOPERATION AGREEMENTS

TARGET 1-Year TSR ACTIVIST SUMMARY FILING DATE STOCK CHANGE DAYS SINCE
FREYR BATTERY INC (FREY) -78.4%  Teknovekst Invest AS
  • FREYR Battery adds Tore Ivar Slettemoen to the board
View Filing 2024-04-18 -4.1% 4
MEREO BIOPHARMA GROUP PLC (MREO) 135.7% Rubric Capital Management
  • Extends existing cooperation agreement with Rubric Capital Management until 2025 AGM
  • Justin Roberts is Rubric’s representative on the board
View Filing 2024-04-15 -1.1% 7

 

NOTABLE 13D ACTIVIST FILINGS

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

FILED TICKER COMPANY FILED BY OWNERSHIP 1-Year TSR SUMMARY FILING
2024-04-19 LEE LEE ENTERPRISES INC GAMCO INVESTORS, INC. ET AL 2.76 3.7% summary 2024-04-19 – SC 13D
2024-04-19 TAST CARROLS RESTAURANT GROUP INC GAMCO INVESTORS, INC. ET AL 3.27 208.9% summary 2024-04-19 – SC 13D
2024-04-19 VAC MARRIOTT VACATIONS WORLDWIDE CORP Impactive Capital LP 7.40 -27.5% summary 2024-04-19 – SC 13D

 

2024 PROXY CONTEST RESULTS

TICKER COMPANY ACTIVIST MEETING DATE SUMMARY
SCOR COMSCORE INC 180 Degree Capital N/A RESULT SUMMARY

  • Comscore agreed to place Matthew F. McLaughlin in their proxy thereby negating a need for 180 Degree Capital to run a proxy fight
  • 180 Degree Capital also agreed not to propose a declassification of the Comscore board.

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
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 2024-04-15 – DFAN14A
2024-04-12 – DFAN14A
2024-04-10 – DFAN14A
2024-04-10 – DFAN14A
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 2024-04-15 – DFAN14A
2024-03-26 – DFAN14A2024-03-18 – 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 2024-04-22 – DFAN14A
2024-04-19 – DEFA14A
2024-04-19 – DEFA14A
2024-04-19 – DEFA14A
2024-04-19 – DEFA14A
2024-04-19 – DEFA14A
2024-04-18 – DEFA14A
2024-04-18 – DEFA14A
2024-04-18 – DEFA14A
2024-04-17 – DEFA14A
2024-04-17 – DEFA14A
2024-04-16 – DEFA14A
2024-04-15 – DEFA14A
2024-04-15 – DEFA14A
2024-04-12 – DEFA14A
Ancora 2024-04-19 – DFAN14A
2024-04-15 – DFAN14A
2024-04-08 – 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 2024-04-19 – DEFA14A
2024-04-19 – DEFA14A
2024-04-19 – DEFA14A
2024-04-15 – DEFA14A
2024-04-15 – DEFA14A
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 2024-04-19 – PRRN14A
2024-04-16 – PRRN14A
2024-04-16 – DFAN14A
2024-04-11 – DFAN14A
2024-04-10 – PRRN14A
GNK GENCO SHIPPING & TRADING LTD 2024-04-17 – DEFC14A
  • 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 2024-04-18 – DEFA14A
2024-04-17 – DEFA14A
2024-04-16 – DEFA14A
2024-04-16 – DEFC14A
GK Investor LLC 2024-04-18 – DFAN14A
2024-04-17 – DEFC14A
2024-04-15 – PRRN14A
2024-04-08 – 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 2024-04-18 – DEFA14A
2024-04-17 – 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 2024-04-15 – DFAN14A
2024-04-02 – DEFA14A
2024-04-01 – DEFA14A
Politan Capital Management LP 2024-03-25 – DFAN14A
MFIN MEDALLION FINANCIAL CORP 2024-04-18 – 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/
MEDALLION FINANCIAL CORP 2024-04-18 – PREC14A
ZimCal Asset Management, LLC 2024-04-12 – DFAN14A
2024-04-11 – DFAN14A
2024-04-10 – PREC14A
SBOW SILVERBOW RESOURCES INC 2024-04-10 – DEFC14A
  • 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 2024-04-16 – DFAN14A
2024-04-11 – DFAN14A
2024-04-11 – DFAN14A
2024-04-10 – DEFC14A
2024-04-09 – PRRN14A
SPRU SPRUCE POWER HOLDING CORP 2024-04-17 – PREC14A
  • Clayton Partners, JSCC Family Trust, and Jason Stankowski are contesting the proxy
  • Clayton is nominating Jason Stankowski and Clara Nagy McBane to the board
  • Clayton believes the company is not being managed to the benefit of its shareholders — believes “Spruce is, at worst, a break-even business and has significant opportunities for positive cash flow generation going forward”
  • Clayton disagrees with the company not buying back any stock despite trading at a 25% discount to the estimated value of the stock
Clayton Partners LLC 2024-04-18 – DFAN14A
2024-04-17 – PREC14A
WSR WHITESTONE REIT 2024-04-05 – 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 2024-04-17 – DEFC14A
  • 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 2024-04-17 – DFAN14A
2024-04-17 – DEFC14A
XPERI INC 2024-04-17 – DEFC14A
2024-04-17 – DEFA14A

 

CEO & CFO MOVES

CEO Moves: AHCO, AHT, BCLI, CNHI, IPI, MDIA, NVST, OPTX, PLNT, SKIL, SPRU, TBIO
CFO Moves: CLRO, DRH, EXAS, FHTX, GTI, LGL, MNKD, MPTI, PODD, REVG

COMPANY MARKET CAP / TSR ROLE LEAVING JOINING JOINER BIOGRAPHY
ADAPTHEALTH CORP (AHCO)  Mkt Cap: $1.2B
1-Yr TSR: -19.8%
CEO Richard A Barasch
.9 yrs *interim; ; -5.3% TSR
Suzanne Foster Since 2022, Ms. Foster has served as the president of Beckman Coulter Life Sciences for Danaher Corporation (“Danaher”), a global science and technology innovation company. Prior to Danaher, Ms. Foster served as president of At Home Solutions for Cardinal Health, Dublin Ohio, a global, integrated healthcare services and products company, from January 2020 until April&nbs…read full bio
AGEAGLE AERIAL SYSTEMS INC (UAVS)  Mkt Cap: $6.9M
1-Yr TSR: -92.4%
CEO Grant A Begley
.3 yrs
William (“Bill”) Irby   Bill Irby previously served as President of MTI Motion, a Steel Partners company specializing in motors and hardware for aircraft, weapons systems, and commercial equipment from November 2022 until February 2024. He has a long career spanning several executive roles in innovative defense organizations. Bill has served as the Chief Operating Officer at Martin UAV (assisting in its acquisitio…read full bio
AMCOR PLC (AMCR)  Mkt Cap: $13.0B
1-Yr TSR: -17.6%
CEO Ronald Stephen Delia
9.0 yrs ; -.2% TSR
Peter Konieczny
(interim)
Mr. Konieczny, 59, has been employed by Amcor or its predecessors since 2010. He served as President, Amcor Flexibles, Europe, Middle East & Africa and Latin America between 2019 and 2020, President, Amcor Flexibles Europe, Middle East & Africa between 2015 and 2019, and President, Amcor Specialty Cartons between 2010 and 2015. Prior to Amcor, he had five years of experience in the packagi…read full bio
ASHFORD HOSPITALITY TRUST INC (AHT)  Mkt Cap: $51.9M
1-Yr TSR: -61.7%
CEO J Robison Hays III
4.1 yrs ; -62.9% TSR
Stephen Zsigray Mr. Zsigray, age 38, has served as Ashford’s Senior Vice President of Corporate Finance & Strategy since May 2020. Mr. Zsigray joined Ashford in 2014 as a trader and portfolio manager in Ashford’s investment management division, and subsequently served as President and Chief Operating Officer of OpenKey, an Ashford-affiliated hospitality technology company that provides digital gue…read full bio
BIO-RAD LABORATORIES INC (BIO)  Mkt Cap: $8.0B
1-Yr TSR: -41.6%
CFO Norman D Schwartz
.2 yrs *interim;
Roop Kalyan Lakkaraju Mr. Lakkaraju, age 53, joins the Company from Benchmark Electronics, a multi-national electronics manufacturing services company, where he was Executive Vice President and Chief Financial Officer from January 2018 to March 2024. From 2017 to 2018, Mr. Lakkaraju was Chief Financial Officer at Maana, Inc., an enterprise software company. From 2013 to 2017, he was Chief Operating Officer and Chief Fi…read full bio
BRAINSTORM CELL THERAPEUTICS INC (BCLI)  Mkt Cap: $36.4M
1-Yr TSR: -80.1%
CEO Stacy Lindborg
1.3 yrs ; -53.1% TSR
Going to single CEO from Co-CEO Going to single CEO from Co-CEO
CLEARONE INC (CLRO)  Mkt Cap: $23.0M
1-Yr TSR: 106.2%
CFO Jayashree Raghunathan
.2 yrs *interim;
Simon Brewer During the last five years, the principal occupation and employment of Mr. Brewer, age 45, has been as chief financial officer and chief operating officer of Operation Underground Railroad, Inc. since 2021, and as chief financial officer of Predictive Technology Group, Inc. from 2018 to 2021. Mr. Brewer has been a certified public accountant since 2006 and a chartered global management accountant …read full bio
CNH INDUSTRIAL NV (CNHI)  Mkt Cap: $20.0B
1-Yr TSR: -14.3%
CEO Scott W Wine
3.5 yrs ; 8.7% TSR
Gerrit A Marx Gerrit Marx has more than 20 years of experience in roles of increasing importance in different locations around the world and in a variety of industrial segments, with a specific in-depth focus on automotive industries. He holds a degree in Mechanical Engineering (“Diplom Ingenieur”) and an MBA (“Diplom Kaufmann”) from RWTH Aachen University, and a Doctorate in B…read full bio
DIAMONDROCK HOSPITALITY CO (DRH)  Mkt Cap: $1.9B
1-Yr TSR: 7.3%
CEO Mark W Brugger
15.6 yrs ; 3.0% TSR
Jeffrey Donnelly Jeffrey J. Donnelly, age 53, joined the Company as Executive Vice President and Chief Financial Officer in August 2019. Prior to joining the Company, Mr. Donnelly was Managing Director of Equity Research at Wells Fargo Securities where he co-founded Wells Fargo’s Real Estate & Lodging Equity Research Platform and had direct responsibility for over $45 billion of equity tra…read full bio
DIAMONDROCK HOSPITALITY CO (DRH)  Mkt Cap: $1.9B
1-Yr TSR: 7.3%
CFO Jeffrey Donnelly
4.7 yrs ; -.5% TSR
Briony R Quinn Briony R. Quinn previously served as Senior Vice President and Treasurer of DiamondRock since March 2018. Ms. Quinn joined DiamondRock in 2007 as Assistant Controller and was promoted to Vice President and Corporate Controller in 2008 and to Chief Accounting Officer in 2014. Prior to DiamondRock, Ms. Quinn was the Vice President of Finance and Accounting for Meristar Hospitality Cor…read full bio
ENERGY VAULT HOLDINGS INC (NRGV)  Mkt Cap: $158.8M
1-Yr TSR: -32.9%
CFO Jan Kees Van Gaalen
1.4 yrs ; -53.0% TSR
Michael Beer Mr. Beer served as Chief Financial Officer at FreeWire Technologies, Inc., an industry leader in ultra-fast EV charging, battery storage and energy management solutions, from 2021 to 2024. From 2017 to 2021, he was Head of Financial Strategy & Investor Relations at Luminar Technologies, Inc (Nasdaq: LAZR), culminating in the company’s public listing. Prior to LAZR, from 2010 to 2017, Mr….read full bio
ENVISTA HOLDINGS CORP (NVST)  Mkt Cap: $3.4B
1-Yr TSR: -46.4%
CEO Amir Aghdaei
5.0 yrs ; -6.6% TSR
Paul A Keel Mr. Keel, age 54, served as Chief Executive Officer of Smiths Group plc, a global technology company and FTSE 100 constituent from May 2021 to March 2024. Prior to that, Mr. Keel served as Group President of 3M Company’s Consumer Business Group from March 2019 to August 2020. Mr. Keel joined 3M in 2004 and held various leadership roles including President of 3M Medical and Presiden…read full bio
EXACT SCIENCES CORP (EXAS)  Mkt Cap: $11.1B
1-Yr TSR: -6.8%
CFO Jeffrey Thomas Elliott
7.5 yrs ; 18.8% TSR
Aaron Bloomer Mr. Bloomer, age 38, previously served as the Vice President, Corporate Financial Planning, Reporting, and Analytics for Baxter International Inc. (NYSE: BAX), where he led Baxter International’s global financial planning and reporting function. Prior to joining Baxter International in August 2021, Mr. Bloomer held a series of increasingly senior roles with 3M Company (NYSE: MMM) from June 2…read full bio
FOGHORN THERAPEUTICS INC (FHTX)  Mkt Cap: $225.6M
1-Yr TSR: -23.6%
CFO Stephen J Dipalma
.3 yrs *interim;
Kristian Humer Mr. Humer, age 49, previously served as the Chief Financial and Chief Business Officer of Viridian Therapeutics from July 2021 until September 2023. Prior to joining Viridian Therapeutics, Mr. Humer was Managing Director in the healthcare investment banking group at Citi from January 2017 until July 2021, where he helped lead the firm’s investment banking engagements for biotechnology and pharmace…read full bio
GRAPHJET TECHNOLOGY (GTI)  Mkt Cap: $927.0M
1-Yr TSR: -39.1%
CFO Tham Choi Kuen
.1 yrs
Lee Ping Wei
(interim)
Mr. Aiden Lee, age 35, is the Chief Executive Officer of the Company. Mr. Aiden Lee has served as Graphjet Sdn. Bhd. Technology Chief Executive Officer and Executive Director since its inception. Previously, Mr. Aiden Lee served as a director at MW Renewable Energy Solutions Sdn Bhd, a renewable energy company focusing on providing engineering, procurement, construction and commissi…read full bio
HARBORONE BANCORP INC (HONE)  Mkt Cap: $441.1M
1-Yr TSR: -13.0%
CFO Jean Levesque
.6 yrs *interim; ; -.9% TSR
Stephen W. Finocchio Mr. Finocchio, age 55, previously served as the Senior Managing Director, Treasurer for Berkshire Hills Bancorp from 2022 to 2024 and as Senior Vice President, Treasurer from 2021 to 2022. Mr. Finocchio held various roles at State Street Corporation from 2010 to 2021, including Managing Director – Global Treasury and Capital Management from 2019 to 2021, Managing Director – Global Treasury, Head o…read full bio
ILLUMINA INC (ILMN)  Mkt Cap: $18.7B
1-Yr TSR: -48.6%
CFO Joydeep Goswami
1.8 yrs *interim; ; -22.5% 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
INTREPID POTASH INC (IPI)  Mkt Cap: $258.4M
1-Yr TSR: -26.3%
CEO Robert P Jornayvaz III
9.7 yrs ; -18.7% TSR
Matthew D Preston Matthew D. Preston has served as our Chief Financial Officer since December 2021. On March 25, 2024, Mr. Preston, informed the Company that he will be leaving his position to pursue another business opportunity, effective April 12, 2024. Mr. Preston served as our Vice President of Finance from November 2019 to December 2021 and our Director of Budget and Forecast from April 2016 to November 2019. …read full bio
JABIL INC (JBL)  Mkt Cap: $14.3B
1-Yr TSR: 41.5%
CEO Kenneth S Wilson
.9 yrs ; 62.3% TSR
Meheryar K Dastoor
(interim)
Mr. Dastoor, 52, has been Controller of the Company since June 2004 and Senior Vice President since July 2010. Prior to joining Jabil in 2000 as regional controller, Asia Pacific, Mr. Dastoor was a regional financial controller for Inchcape PLC. He holds a degree in finance and accounting from the University of Bombay and is a Chartered Accountant from the Institute of Chartered Accountants in Eng…read full bio
LGL GROUP INC (LGL)  Mkt Cap: $31.0M
1-Yr TSR: 36.7%
CFO James William Tivy
6.3 yrs ; 14.5% TSR
Christopher L. Nossokoff Mr. Nossokoff is a graduate of Clemson University, where he earned a Bachelor of Science in Accounting, as well as Indiana University, where he earned a Master of Science in Accounting from the Kelley School of Business. Prior to joining LGL Group in December 2023, Mr. Nossokoff worked for the public accounting firm PricewaterhouseCoopers LLP from 2016 to 2023, public accountin…read full bio
MEDIACO HOLDING INC (MDIA)  Mkt Cap: $59.3M
1-Yr TSR: 76.7%
CEO Rahsan Lindsay
2.8 yrs ; -21.9% TSR
Jacqueline Hernandez
(interim)
  Ms. Hernández is a media executive who most recently was Founder and CEO of New Majority Ready, a marketing strategy and content development firm. Prior to starting her own company, she was President of Combate Americas, a leading Hispanic sports franchise. Prior to Combate Americas, Ms. Hernández was Chief Marketing Officer of NBC Universal Hispanic Enterprises and Content an…read full bio
M-TRON INDUSTRIES INC (MPTI)  Mkt Cap: $66.8M
1-Yr TSR: 104.4%
CFO James William Tivy
1.5 yrs ; 87.4% TSR
Linda M Biles Linda has demonstrated dedication, exceptional leadership, and outstanding financial acumen throughout her tenure at MtronPTI. With 16 years of invaluable experience with the company, she has continually exhibited a deep understanding of our financial landscape and has played an integral role in shaping MtronPTI’s fiscal strategies and successes.   In Linda’s previous roll as Vice…read full bio
OCULAR THERAPEUTIX INC (OCUL)  Mkt Cap: $775.8M
1-Yr TSR: -8.9%
CEO Antony C Mattessich
6.6 yrs ; 5.5% TSR
Pravin Dugel Dr. Dugel, age 60, has served as the Company’s Executive Chairman since February 2024. Dr. Dugel previously served as President of IVERIC bio, Inc., a biopharmaceutical company, from May 2021 to October 2023, and as Executive Vice President, Chief Strategy and Business Officer of IVERIC from April 2020 to May 2021. Prior to IVERIC, Dr. Dugel was a…read full bio
PLANET FITNESS INC (PLNT)  Mkt Cap: $5.2B
1-Yr TSR: -24.9%
CEO Craig R Benson
.8 yrs *interim; ; .8% TSR
Colleen Keating Ms. Keating most recently served as CEO of FirstKey Homes (“FirstKey”) since February 2020, currently the fourth largest single-family rental home property management company in the United States, where she led the strategic direction of the business, implemented significant brand-aligned digital strategies, helped drive platform cost reduction and improved the overall resident ex…read full bio
REV GROUP INC (REVG)  Mkt Cap: $1.1B
1-Yr TSR: 120.3%
CFO Mark A Skonieczny Jr
3.8 yrs ; 51.8% TSR
Amy A. Campbell Prior to her appointment as CFO of the Company, Ms. Campbell, 47, previously served as the CFO of ASC Engineered Solutions from July 2021 through April 2024. From June 2019 through July 2021, Ms. Campbell served as CFO of the Commercial & Industrial Division of BrandSafway. From December 1997 through June 2019, Ms. Campbell held numerous roles at Caterpillar, Inc., including CFO of Global Afte…read full bio
SKILLSOFT CORP (SKIL)  Mkt Cap: $43.2M
1-Yr TSR: -82.8%
CEO Jeffrey R Tarr
2.8 yrs ; -66.3% TSR
Ronald W Hovsepian Mr. Hovsepian 63, is currently the Chairman of Skillsoft’s Board of Directors and the Executive Chair and principal executive officer designee and has a wealth of executive leadership and operational experience in the technology and software industries….read full bio
SNAIL INC (SNAL)  Mkt Cap: $38.0M
1-Yr TSR: -9.2%
CEO Jim S Tsai
1.4 yrs ; -52.1% TSR
Hai Shi Hai Shi Mr. Shi has been a member of the Board of Directors since January 11, 2022. He has been a member of Snail Games USA’s Board of Directors since its incorporation and served as Snail Games USA’s Chief Executive Officer from its inception to November 2021. Prior to forming Snail Games USA Inc., Mr. Shi founded and has served as chairman and chief executive officer of Suzhou Snail Digital Tec…read full bio
SPROUT SOCIAL INC (SPT)  Mkt Cap: $2.9B
1-Yr TSR: -5.4%
CEO Justyn Russell Howard
14.5 yrs ; 33.4% TSR
Ryan Barretto Mr. Barretto, 45, has served as the Company’s President since December 2020. Prior to that, he served as the Company’s Senior Vice President, Global Sales since 2016. Before joining the Company, Mr. Barretto was Vice President of Global Sales, Pardot for Salesforce.com, Inc. (NYSE: CRM), a cloud-based software company, from November 2014 to June 2016 and the Area Vice President, Commer…read full bio
SPRUCE POWER HOLDING CORP (SPRU)  Mkt Cap: $67.3M
1-Yr TSR: -48.6%
CEO Christian S Fong
1.2 yrs ; -54.5% TSR
Christopher M Hayes Mr. Hayes has served as a member of the Board since December 2020, and has been Chair of the Board since January 2023. From August 30, 2019 until December 2020, Mr. Hayes served as a member of the Board of the Company’s predecessor, XL Hybrids. From January 1, 2016 to January 1, 2017, Mr. Hayes served as the Senior Vice President of Corporate Development at Edison International, a publicly t…read full bio
SYNTEC OPTICS HOLDINGS INC (OPTX)  Mkt Cap: $117.0M
1-Yr TSR: -68.5%
CEO Joseph John Mohr
.4 yrs ; -62.9% TSR
Alok Kapoor Mr. Kapoor was the Chairman and is expanding his role. His prior experience includes completing three acquisitions over twenty years ago and then integrating them into what eventually became Syntec Optics. His future vision of optics and photonics everywhere comes from his 30 years of experience. He holds an MBA from Harvard Business School and a MS in engineering from Iowa State University. He at…read full bio
TELESIS BIO INC (TBIO)  Mkt Cap: $9.3M
1-Yr TSR: -89.6%
CEO Todd Robert Nelson
2.8 yrs ; -74.2% TSR
Eric Eugene Esser Eric Esser. Mr. Esser has served as our Chief Executive Officer since April 2024. He served as our Chief Operating Officer since May 2022. He was also appointed to the office of President in May 2023. Prior to joining the Company, Mr. Esser served as VP of Manufacturing and Supply Chain at Berkeley Lights, Inc., a life sciences tools company, from Deecember 2019 to May 2022 and VP of Operations at…read full bio
UNITED NATURAL FOODS INC (UNFI)  Mkt Cap: $551.0M
1-Yr TSR: -64.2%
CFO John W Howard
4.7 yrs ; 2.5% TSR
Giorgio Matteo Tarditi Mr. Tarditi most recently served as Group Financial Planning & Analysis Leader, GE Corporate, of the The General Electric Company (“GE”) since July 2021, where he developed financial and operating structures to support the creation of three GE independent companies. He served as Chief Financial Officer of GE Renewable Energies from January 2019 to June 2021, Chief Financial Officer…read full bio
WILHELMINA INTERNATIONAL INC (WHLM)  Mkt Cap: $24.0M
1-Yr TSR: 9.4%
CFO James Andrew McCarthy
8.0 yrs ; -3.9% TSR
Gaurav Pahwa Mr. Pahwa (age 39) comes to the Company after serving as the Chief Financial Officer and Chief Operating Officer of New York Models as well as for LA Models since 2011. In these roles, he was responsible for spearheading the formation of a top-performing team, employing lean sigma methodologies to boost employee engagement and streamline back-office operations. He oversaw a team of 89 employees ac…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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