Weekly Activism & Executive Moves Review (April 5)

by | Apr 5, 2024

Activism Snapshot

It was a week of proxy contest resolution. For Walt Disney (DIS) and CEO Bob Iger they could declare victory against Trian and their leader Nelson Peltz, as well as Blackwell’s. In the end, and to many a stakeholder’s disappointment all 12 Disney directors were elected. Like many, we were displeased to see the pre-meeting leaks regarding vote counts. It certainly could tip the scales and with so many investors having a stake in the outcome it should be a fair fight. We suspect that the regulators will want to take a look at the leaks to, at a minimum, understand how they happened, if not to take more aggressive actions. In the short-term, it seems all stakeholders won in the DIS / Trian fight — shares have soared and Iger made rapid, big, and useful changes. So, even though Peltz didn’t get his seats, for now, it will be hard to be too sour in defeat. However, the real proof will come in the coming 12 to 24 months when we see what more is to come from Iger’s Disney and what, if any, succession plan is put forward.

Both Elanco Animal Health (ELAN) and MRC Global (MRC) short-circuited their proxy battles by entering cooperation agreements with Ancora and Engine Capital respectively. The cost to avoid the battles were simply two board seats at ELAN and one seat at MRC. This seems cheap and like wins for all concerned. Sachem Head and Twilio (TWLO) also entered into a cooperation agreement and has Andy Stafman join the TWLO board.

And, get ready for Round 2 of the Politan Capital vs Masimo Corp (MASI) battle. Already this week they are out swinging at each other. Remember last year Politan won 2 board seats after Masimo tried to fend them off with bylaw changes that would have required unrealistic information from Politan on its nominees. By and large the legal community came out against these overly aggressive changes and Masimo pulled them back. For the latest, read the filings linked in the table below — some spicy stuff.

Catch up on activist activity from the last few weeks here:

 

CEO / CFO Moves Snapshot

In CEO / CFO moves, we couldn’t believe it as we kept counting it up, but four — yes, four — companies have this week gone from co-CEOs to single chief executive officers. Copart (CPRT), Global Net Lease (GNL), Tronox Holdings (TROX), Outbrain (OB) all converted to the traditional single CEO org structure. This is also the week that controversial executive Kevin Plank takes the CEO role back at Under Armour (UAA). Rayonier (RYN) executed on its long-planned executive succession plan with Mark McHugh taking over for David Nunes as CEO and April Tice stepping into McHugh’s shoes as CFO. At New York Community Bank Joseph Otting officially took over as CEO. And Jacobs Solutions (J) saw its first ever female CFO Claudia Jaramillo leave the role after only 7 months — ex-CFO and current strategic advisor Kevin Berryman steps in as interim CFO.

 

ACTIVISM UPDATE

LATEST COOPERATION AGREEMENTS

TARGET 1-Year TSR ACTIVIST SUMMARY FILING DATE STOCK CHANGE DAYS SINCE
MRC GLOBAL INC (MRC) 28.4% 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% 3
ELANCO ANIMAL HEALTH INC (ELAN) 73.8% 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 -3.0% 4
TWILIO INC (TWLO) -6.3% 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 -3.7% 4
BJS RESTAURANTS INC (BJRI) 20.3% PW Partners
  • actively working together on cost structure/value creation
  • PW Partners withdraws its slate of directors
View Filing 2024-03-27 3.8% 9
FOSSIL GROUP INC (FOSL) -71.3% Buxton Helmsley
  • Adding Pamela B. Corrie to the board
  • Serial director Eugene Davis also joins the board
View Filing 2024-03-25 4.4% 11

 

NOTABLE 13D ACTIVIST FILINGS

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

FILED TICKER COMPANY FILED BY OWNERSHIP 1-Year TSR FILING
2024-04-01 APYX APYX MEDICAL CORP Vizirgianakis Stavros G. 5.04 -50.6% 2024-04-01 – SC 13D
2024-04-01 KYMR KYMERA THERAPEUTICS INC BAKER BROS. ADVISORS LP 9.80 21.5% 2024-04-01 – SC 13D

 

2024 PROXY CONTEST RESULTS

TICKER COMPANY ACTIVIST MEETING DATE SUMMARY
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
BHR BRAEMAR HOTELS & RESORTS INC 2024-04-03 – DEFC14A
  • 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 2024-04-02 – PREC14A
2024-03-28 – DEFA14A
Blackwells Capital LLC 2024-04-03 – DEFC14A
2024-03-29 – DFAN14A
2024-03-22 – PREC14A
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 2024-03-14 – DEFA14A
2024-03-14 – DEFC14A
American Federation of Labor Congress of Industrial Organizations 2024-03-26 – DFAN14A

2024-03-18 – PRRN14A

NSC NORFOLK SOUTHERN CORP 2024-03-04 – PREC14A  

  • 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 2024-04-05 – DFAN14A
2024-04-05 – DEFA14A
2024-04-04 – DEFA14A
2024-04-04 – DEFA14A
2024-04-04 – DEFA14A
2024-04-03 – DEFA14A
2024-04-02 – DEFA14A
2024-04-02 – DEFA14A
2024-04-02 – DEFA14A
2024-04-01 – DEFA14A
Ancora 2024-03-28 – DFAN14A
2024-03-26 – DEFC14A
2024-03-26 – DFAN14A
CCI CROWN CASTLE INC 2024-03-28 – PREC14A  

  • 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 2024-03-28 – DFAN14A
2024-03-28 – PREC14A
2024-03-25 – PREC14A
2024-03-25 – DEFA14A
Boots Parallel 1, LP 2024-03-14 – DFAN14A
2024-03-12 – DFAN14A
2024-03-07 – DFAN14A
2024-03-04 – DFAN14A
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 2024-04-03 – 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 2024-04-02 – DEFA14A
2024-04-02 – DEFC14A
Undavia Nilesh 2024-04-03 – DFAN14A
2024-03-26 – PRRN14A
M MACY’S INC 2024-04-01 – PREC14A
  • 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
MACY’S INC 2024-04-01 – PREC14A
2024-03-14 – DEFA14A
2024-03-14 – DEFA14A
2024-03-04 – DEFA14A
Arkhouse Value Fund I LP 2024-04-02 – PRRN14A
2024-03-14 – PREC14A
2024-03-05 – DFAN14A
2024-03-05 – DFAN14A
2024-03-04 – DFAN14A
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
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 2024-03-28 – DEFA14A
2024-03-28 – PREC14A
2024-03-28 – DEFA14A
2024-03-28 – DEFA14A
Kimmeridge Energy Management Company, LLC 2024-04-01 – DFAN14A
2024-03-29 – PREC14A
2024-03-15 – 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 2024-04-02 – PRRN14A
2024-03-19 – PREC14A
WHITESTONE REIT 2024-04-05 – DEFA14A
2024-04-04 – DEFC14A
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

COMPANY MARKET CAP / TSR ROLE LEAVING JOINING JOINER BIOGRAPHY
ADAPTIVE BIOTECHNOLOGIES CORP (ADPT)  Mkt Cap: $396.1M
1-Yr TSR: -70.4%
CFO Tycho Peterson
1.8 yrs ; -37.0% TSR
Kyle Piskel Kyle Piskel has served as our Chief Financial Officer since February 2022. He has also served as our Principal Accounting Officer since October 2021 after serving in various roles of increasing levels of responsibility, including Corporate Controller, since joining us in September 2015. Prior to joining us, Mr. Piskel was an Accounting Manager at Expedia Group from October 2014 to August 2015. Pri…read full bio
ADMA BIOLOGICS INC (ADMA)  Mkt Cap: $1.4B
1-Yr TSR: 98.4%
CFO Brian Lenz
11.9 yrs ; -2.8% TSR
Adam S Grossman
(interim)
Adam S. Grossman, 46 – Founder, Director, President and Chief Executive Officer Mr. Grossman has been a director of the Company since 2007, has served as the Company’s President and Chief Executive Officer since October 2011 and as the Company’s President and Chief Operating Officer between 2007 and October 2011. Mr. Grossman has over 20 years of experience in the blood and plasma industry. Prior …read full bio
AFFILIATED MANAGERS GROUP INC (AMG)  Mkt Cap: $5.4B
1-Yr TSR: 20.7%
CFO Thomas M Wojcik
5.0 yrs ; 9.0% TSR
Dava Ritchea Ms. Ritchea joins AMG from Sculptor Capital Management Inc., which was publicly listed until its acquisition by Rithm Capital Corporation; she served as Sculptor’s CFO since 2021, and also served as a member of the firm’s Partner Management Committee. Prior to joining Sculptor, Ms. Ritchea served as CFO at Assured Investment Management LLC (formerly known as BlueMountain Capi…read full bio
ALPINE INCOME PROPERTY TRUST INC (PINE)  Mkt Cap: $203.9M
1-Yr TSR: -.5%
CFO Matthew Morris Partridge
3.5 yrs ; 6.1% TSR
Lisa Vorakoun
(interim)
Ms. Vorakoun also currently serves as Vice President and Chief Accounting Officer of the Company and of CTO Realty Growth, Inc. (“CTO”). She has served in these roles since August 2020. Prior to that, she served as the Vice President and Controller of CTO from July 2017 to August 2020. In January 2013, Ms. Vorakoun joined CTO as CTO’s Controller. Ms. Vorakoun began her …read full bio
AMETEK INC (AME)  Mkt Cap: $41.4B
1-Yr TSR: 31.9%
CFO William Joseph Burke
7.9 yrs ; 18.3% TSR
Dalip Puri  Mr. Puri, 51, currently serves as Senior Vice President – Operational Finance of the Company, a position he has held since September 1, 2023. Prior, Mr. Puri held the position of Vice President – Operational Finance of the Company from July 2023 to September 2023. From October 2021 to July 2023, Mr. Puri held the position of Vice President – Group Controller. From…read full bio
ARCA BIOPHARMA INC (ABIO)  Mkt Cap: $44.7M
1-Yr TSR: 55.3%
CEO Michael R Bristow
14.8 yrs ; -38.9% TSR
Thomas A Keuer Thomas A. Keuer . Mr. Keuer has served as the Company’s Chief Operating Officer since December 2014. Mr. Keuer served as the Company’s Executive Vice President, Pharmaceutical Operations from 2006 to 2014. Prior to joining the Company, Mr. Keuer served as the SVP of Operations for Insmed, Inc. from 2004 to 2006. Prior to Insmed, Mr. Keuer served as the VP of Engineering for Baxter Healthcare from …read full bio
BARNWELL INDUSTRIES INC (BRN)  Mkt Cap: $25.6M
1-Yr TSR: -6.8%
CEO Alexander C Kinzler
7.3 yrs ; 5.5% TSR
Craig Hopkins Mr. Hopkins, age 50, joined Octavian Oil Ltd. (“Octavian”) in February 2017 and Barnwell of Canada (“BOC”) in July 2020. Both companies are subsidiaries of BII.  He currently serves as the President of Octavian and as BOC’s President and Chief Operating Officer. Mr. Hopkins will continue to serve in those positions….read full bio
BENCHMARK ELECTRONICS INC (BHE)  Mkt Cap: $1.1B
1-Yr TSR: 32.9%
CFO Roop Kalyan Lakkaraju
6.3 yrs ; 2.5% TSR
Arvind Kamal
(interim)
Kamal served as the Vice President of Financial Planning and Analysis at Vixxo Corporation from September 2017 to December 2019….read full bio
BLOOMIN’ BRANDS INC (BLMN)  Mkt Cap: $2.4B
1-Yr TSR: 11.4%
CFO Christopher Adkins Meyer
5.0 yrs ; 9.0% TSR
William Michael Healy Mr. Healy, 49, has served as the Company’s Executive Vice President, Global Business Development and Strategy since November 2023. He most recently served as Senior Vice President, President of Bonefish Grill (November 2021 to November 2023); Senior Vice President, Field Operations and Innovation (April 2021 to November 2021); and Senior Vice President, Global Supply Chain Officer (February …read full bio
BOSTON BEER CO INC (SAM)  Mkt Cap: $3.6B
1-Yr TSR: -8.4%
CEO David A Burwick
5.9 yrs ; 9.0% TSR
Michael Spillane MICHAEL SPILLANE Age: 64 Director since: 2016 CLASS B DIRECTOR NOMINEE Mr. Spillane has served on Boston Beer’s Board of Directors since 2016 and has been appointed President and Chief Executive Officer effective April 1, 2024. He previously served as President of Consumer Creation at Nike, Inc. (NYSE: NKE), a publicly traded manufacturer and marketer of athletic footwear, apparel, and equipment f…read full bio
CAMBIUM NETWORKS CORP (CMBM)  Mkt Cap: $120.1M
1-Yr TSR: -75.8%
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
CONTEXTLOGIC INC (WISH)  Mkt Cap: $143.5M
1-Yr TSR: -53.1%
CEO Jun Yan
1.6 yrs *interim; ; -70.9% TSR
Rishi Bajaj Rishi Bajaj , age 44. Mr. Bajaj has served as a director of the Company since November 2023. Since 2009, Mr. Bajaj has served as the President and Chief Investment Officer of Altai Capital Management L.P. and is responsible for the management and operation of its investment management business. Prior to founding Altai Capital in 2009, Mr. Bajaj held positions at Silver Point Capital, L.P. and Glea…read full bio
CONTEXTLOGIC INC (WISH)  Mkt Cap: $143.5M
1-Yr TSR: -53.1%
CFO Ying Liu
2.4 yrs ; -73.0% TSR
Brett Just Mr. Just, age 39, will also continue in his role as Chief Accounting Officer, which he has held since November 2020. Prior to taking on these roles, he served as Wish’s Controller from August 2019 and as Assistant Controller from September 2017. Mr. Just was previously the Controller for the Internet of Things (IOT) Business Unit at Cisco Systems, Inc. from 2016 to 2017 and Assistant Controller fo…read full bio
COPART INC (CPRT)  Mkt Cap: $53.6B
1-Yr TSR: 49.5%
CEO A Jayson Adair
14.2 yrs ; 25.5% TSR
TBD TBD
CTO REALTY GROWTH INC (CTO)  Mkt Cap: $383.2M
1-Yr TSR: 7.2%
CFO Matthew Morris Partridge
3.5 yrs ; 20.4% TSR
Lisa Vorakoun
(interim)
Ms. Vorakoun also currently serves as Vice President and Chief Accounting Officer of the Company and of Alpine Income Property Trust, Inc. She has served in these roles since August 2020. Prior to that, she served as the Company’s Vice President and Controller from July 2017 to August 2020. In January 2013, Ms. Vorakoun joined the Company as the Company’s Controller. Ms. Vora…read full bio
DISCOVER FINANCIAL SERVICES (DFS)  Mkt Cap: $31.3B
1-Yr TSR: 31.4%
CEO Michael George Rhodes
.1 yrs
J Michael Shepherd
(interim)
Shepherd is the former Chairman and CEO of BancWest Corporation and its subsidiary, Bank of the West, the U.S. retail arm of BNP Paribas Group. Bank of the West was acquired by BMO in February of 2023. He also served as Chairman and as a Director of BNP Paribas USA, Inc. from July 2016 to February 2023. Shepherd joined Bank of the West in 2004 and held a succession of positions, including General …read full bio
DYNAVAX TECHNOLOGIES CORP (DVAX)  Mkt Cap: $1.6B
1-Yr TSR: 22.3%
CFO Kelly Macdonald
3.1 yrs ; 10.0% TSR
Ryan Spencer
(interim)
Ryan Spencer Mr. Spencer has been a member of our Board since December 2019. Mr. Spencer joined Dynavax in 2006 and has served as our Chief Executive Officer since December 2019, and as interim co-President between May and December 2019. At the time of his appointment as interim co-President in May 2019, Mr. Spencer served as Senior Vice President, Commercial where he was instrumental in leading t…read full bio
ENERGY VAULT HOLDINGS INC (NRGV)  Mkt Cap: $258.9M
1-Yr TSR: -11.3%
CFO Jan Kees Van Gaalen
1.4 yrs ; -48.2% 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
ENVESTNET INC (ENV)  Mkt Cap: $3.1B
1-Yr TSR: -1.7%
CEO William Crager
4.4 yrs ; -1.5% TSR
James L Fox
(interim)
James Fox Age 71 Mr. Fox has served as a member of our Board since February 2015 and Chair of the Board since March 2020. Mr. Fox retired as Non-Executive Chairman of FundQuest, Inc., upon its acquisition by the Company, effective December 2011 after serving in that role since September 2010 and, prior to that, as President and Chief Executive Officer starting in October 2005. Mr. Fox has over…read full bio
EVOKE PHARMA INC (EVOK)  Mkt Cap: $5.1M
1-Yr TSR: -70.3%
CEO David A Gonyer
17.0 yrs ; -40.3% TSR
Matthew J D’Onofrio Mr. D’Onofrio is one the Company’s co-founders and has served as our President, Chief Operating Officer, Secretary and Treasurer since February 2023 and in prior executive positions at the Company since March 2007….read full bio
GLOBAL INDEMNITY GROUP LLC (GBLI)  Mkt Cap: $416.1M
1-Yr TSR: 7.5%
CFO Thomas McGeehan
15.8 yrs ; -.3% TSR
Brian Riley Mr. Riley has served GBLI and its predecessors in the Finance Department since 1995 with increasing roles of responsibility, including controller, treasurer and the Chief Financial Officer of Penn-America Group, Incorporated. From 1991 to 1995, Mr. Riley was a senior accountant with KPMG International Limited. Mr. Riley received a Bachelor of Science – Accounting from the Penn…read full bio
GLOBAL NET LEASE INC (GNL)  Mkt Cap: $1.7B
1-Yr TSR: -32.7%
CEO James Larry Nelson
6.7 yrs ; -5.2% TSR
TBD TBD
GREENBRIER COMPANIES INC (GBX)  Mkt Cap: $1.6B
1-Yr TSR: 73.2%
CFO Adrian J Downes
5.6 yrs ; 1.5% TSR
TBD TBD
INHIBIKASE THERAPEUTICS INC (IKT)  Mkt Cap: $14.2M
1-Yr TSR: -40.8%
CFO Joseph Frattaroli
4.1 yrs ; -61.8% TSR
Garth Lees- Rolfe Mr. Lees-Rolfe, age 39, has served as the Vice President of Finance at the Company since November 2022. Mr. Lees-Rolfe previously served as the Vice-President, Finance for F-Star, Inc., a publicly traded global clinical-stage biotech company from December 2021 to November 2022. Prior to that, Mr. Lees-Rolfe worked for 16 years in public practice, most of which was wit…read full bio
JACOBS SOLUTIONS INC (J)  Mkt Cap: $18.7B
1-Yr TSR: 31.1%
CFO Claudia Jaramillo
.7 yrs ; 21.9% TSR
Kevin C Berryman Kevin Berryman, age 65, currently Special Advisor to the Company’s Chief Executive Officer, has succeeded Ms. Jaramillo as the Company’s interim Chief Financial Officer, effective as of March 29, 2024. Mr. Berryman joined the Company in December 2014 and previously served as President and Chief Financial Officer of the Company until August 14, 2023, when he transiti…read full bio
KVH INDUSTRIES INC (KVHI)  Mkt Cap: $98.4M
1-Yr TSR: -57.1%
CFO Roger Kuebel
3.0 yrs ; -29.6% TSR
Anthony Pike Mr. Pike, age 38, has served as the Company’s vice president finance and corporate controller, with responsibility for the Company’s overall financial reporting function, since January 2023. Before that, he served as the Company’s vice president, finance & operations EMEA/APAC, starting in March 2021. In that role, Mr. Pike was responsible for all financial aspects of the Com…read full bio
LOGAN RIDGE FINANCE CORP (LRFC)  Mkt Cap: $60.2M
1-Yr TSR: 12.5%
CFO Jason T Roos
2.9 yrs ; 13.9% TSR
Brandon Satoren Mr. Satoren currently serves as the Chief Accounting Officer, Secretary, and Treasurer of the Company, and will remain in those roles. Mr. Satoren serves as the Chief Accounting Officer, Secretary, and Treasurer of other registered investment companies within the broader BC Partners Credit platform, and has over 14 years of experience in the asset management industry….read full bio
MANNATECH INC (MTEX)  Mkt Cap: $16.6M
1-Yr TSR: -48.2%
CEO Alfredo Bala
8.7 yrs ; -3.9% TSR
Landen Granvel Fredrick Landen Fredrick, age 51, has served as President and Chief Operating Officer since June 7, 2023. He is the son of J. Stanley Fredrick, the Chairman of the Board and a major shareholder. He previously served as the Company’s Chief Sales and Marketing Officer, Global Chief Sales Officer and President, North America. Mr. Fredrick joined Mannatech in 2006 and has played a key role in developing …read full bio
MERIDIANLINK INC (MLNK)  Mkt Cap: $1.4B
1-Yr TSR: 8.5%
CFO Sean W. Blitchok
1.8 yrs ; 5.2% TSR
Laurence E Katz Prior to joining the Company, Mr. Katz served as an independent consultant and senior advisor to various private equity firms since April 2023. Prior to that, Mr. Katz served as a partner at WestCap, a strategic operating and investing firm, from October 2021 to March 2023. From June 2020 to September 2021, Mr. Katz acted as chief financial officer at StubHub, a secondary marketplace for live even…read full bio
MID AMERICA APARTMENT COMMUNITIES INC (MAA)  Mkt Cap: $14.8B
1-Yr TSR: -11.3%
CFO Albert M Campbell III
14.2 yrs ; 11.4% TSR
A. Clay Holder Mr. Holder joined MAA in 2017 as Senior Vice-President and Chief Accounting Officer. Prior to joining MAA, Mr. Holder spent seven years in multiple accounting and finance roles at AutoZone, Inc. Mr. Holder began his career in public accounting with Arthur Andersen and Deloitte and is a licensed Certified Public Accountant…read full bio
MKS INSTRUMENTS INC (MKSI)  Mkt Cap: $8.6B
1-Yr TSR: 52.5%
CFO Seth H Bagshaw
14.3 yrs ; 16.8% TSR
John Tseng-Chung Lee
(interim)
Dr. Lee has served as our President and Chief Executive Officer since January 2020. From September 2019 to January 2020, he served as our President, from May 2018 to September 2019, he served as our President and Chief Operating Officer, and he served as our Senior Vice President and Chief Operating Officer from November 2016 until May 2018. From January 2014 until October 2016, Dr. Lee …read full bio
MOMENTUS INC (MNTS)  Mkt Cap: $2.8M
1-Yr TSR: -98.3%
CFO Eric R. Williams
.9 yrs ; -97.9% TSR
Lon Ensler
(interim)
Mr. Ensler has more than 30 years of experience as a financial executive. Since February 2019, he served as the Chief Financial Officer of Ziteo Medical, Inc., a provider of next generation molecular imaging medical devices. Prior to that, Mr. Ensler provided advisory, consulting and interim CFO services for a number of companies through his consulting firm Ensler Consulting from June 2015 through…read full bio
NATIONAL RESEARCH CORP (NRC)  Mkt Cap: $884.8M
1-Yr TSR: -13.2%
CFO Kevin R Karas
12.5 yrs ; 12.8% TSR
TBD TBD
NEW YORK COMMUNITY BANCORP INC (NYCB)  Mkt Cap: $2.6B
1-Yr TSR: -62.4%
CEO Alessandro Dinello
.2 yrs
Joseph M Otting Joseph M. Otting, age 66, is an American businessman and government official. He served as the 31st Comptroller of the Currency from November 2017 to 2020, and has since served as Lead Director and Chairman of the Audit Committee for Black Knight, Inc. from June 2020 until September 2023, as Chairman of the Board of Directors of Andalusian Credit Company, LLC since August 2023, on the Board of Dir…read full bio
NORTHRIM BANCORP INC (NRIM)  Mkt Cap: $267.6M
1-Yr TSR: 14.0%
CEO Joseph M Schierhorn
6.8 yrs ; 11.2% 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
OLAPLEX HOLDINGS INC (OLPX)  Mkt Cap: $1.2B
1-Yr TSR: -60.6%
CFO Eric Tiziani
2.7 yrs ; -63.4% TSR
Paul Kosturos
(interim)
Mr. Kosturos is a Managing Director at Alvarez & Marsal, where he has specialized in interim CFO assignments since 2009, and has worked in a variety of industries, including retail, consumer goods, restaurants, manufacturing, software solutions and telecommunications….read full bio
OLD NATIONAL BANCORP (ONB)  Mkt Cap: $4.9B
1-Yr TSR: 25.5%
CFO Brendon B Falconer
4.9 yrs ; 3.2% TSR
John V. Moran, IV
(interim)
Mr. Moran, age 48, has served as the Company’s Executive Vice President and Chief Strategy Officer since 2021. In this capacity, Mr. Moran also oversees the Company’s investor relations and corporate development functions and will retain this oversight responsibility while serving as Interim Chief Financial Officer. He previously served as the Company’s Senior Vice President and …read full bio
OUTBRAIN INC (OB)  Mkt Cap: $202.6M
1-Yr TSR: -1.4%
CEO Yaron Galai
2.8 yrs ; -44.9% TSR
TBD TBD
PARAGON 28 INC (FNA)  Mkt Cap: $844.9M
1-Yr TSR: -37.9%
CFO Stephen Deitsch
2.5 yrs ; -21.5% TSR
Kristina Wright
(interim)
Ms. Wright served as the Chief Financial Officer of Cleerly, a digital healthcare company transforming the way clinicians approach the treatment of heart disease, from May 2023 to January 2024. Previously, Ms. Wright served as Vice President and General Manager of the Brain Modulation business of Medtronic, plc, a medical device company, from December 2021 to March 2023. Prior to that, she was Vic…read full bio
PEOPLES BANCORP INC (PEBO)  Mkt Cap: $999.1M
1-Yr TSR: 16.0%
CEO Charles W Sulerzyski
13.0 yrs ; 10.5% TSR
Tyler J Wilcox Mr. Wilcox, who has been an employee of Peoples since 2008, will serve in the position of Senior Executive Vice President, Chief Operating Officer, of each of Peoples and Peoples Bank in a transitional role through March 31, 2024. Mr. Wilcox has served in a variety of executive positions with Peoples and its subsidiaries over his 15 years with the organization. Since October 2020, he has served as…read full bio
PRIMERICA INC (PRI)  Mkt Cap: $8.6B
1-Yr TSR: 48.6%
CFO Alison S Rand
24.3 yrs ; 19.8% TSR
TBD TBD
PULMONX CORP (LUNG)  Mkt Cap: $302.9M
1-Yr TSR: -23.6%
CFO John McKune
.5 yrs *interim; ; -14.5% TSR
Mehul Joshi Mehul Joshi brings over 30 years of experience in finance, accounting and strategic planning having served in leadership roles across companies such as Gilead Sciences, Inc., ResMed Inc., and most recently, as Chief Financial Officer of PhenomeX Inc., (formerly Berkeley Lights), prior to its acquisition by Bruker in 2023. Prior to PhenomeX Inc., Mr. Joshi served in multiple senior finance roles of…read full bio
RAYONIER INC (RYN)  Mkt Cap: $4.7B
1-Yr TSR: 1.0%
CEO David L Nunes
9.8 yrs ; 3.9% TSR
Mark McHugh Mark D. McHugh Tampa, Florida Age: 48 Director Since: 2024 Board Committees: Other public directorships: * None * None Professional Highlights: President, Chief Executive Officer and Director of the Company since 2024; President and Chief Financial Officer of the Company from 2023 to 2024; Senior Vice President and Chief Financial Officer of the Company from 2014 to 2023 Mr. McHugh has over 20 yea…read full bio
RAYONIER INC (RYN)  Mkt Cap: $4.7B
1-Yr TSR: 1.0%
CFO Mark McHugh
9.3 yrs ; 5.4% TSR
April J Tice April J. Tice, 50, Ms. Tice was appointed Vice President and Chief Accounting Officer in April 2021, having previously served as Vice President, Financial Services and Corporate Controller. In this position, she acts as the Company’s principal accounting officer. She joined Rayonier in 2010 as Manager, General Ledger, and has held multiple positions of increasing responsibility within the finance …read full bio
REPLIMUNE GROUP INC (REPL)  Mkt Cap: $450.6M
1-Yr TSR: -56.5%
CEO Philip Astley-Sparke
4.3 yrs ; -12.3% TSR
Sushil Patel Dr. Patel, age 53, joined the Company’s management team as chief commercial officer in May 2021 and subsequently transitioned to the Company’s chief strategy officer in December 2022. From April 2018 until joining the Company, Dr. Patel served as vice president, franchise head for lung, skin, tumor agnostic, and rare cancers at Genentech, Inc., and previously held various positions of …read full bio
SANDY SPRING BANCORP INC (SASR)  Mkt Cap: $965.3M
1-Yr TSR: -8.5%
CFO Philip J Mantua
19.4 yrs ; .9% TSR
Charlie S. Cullum
(interim)
Mr. Cullum, age 39, has served as Treasurer of Sandy Spring Bank, the Company’s wholly-owned subsidiary, since July 2022. Prior to serving as Treasurer, Mr. Cullum served as Corporate Strategist and Director of Financial Planning and Analysis. Mr. Cullum has been with Sandy Spring Bank since 2006….read full bio
SOLUNA HOLDINGS INC (SLNH)  Mkt Cap: $7.2M
1-Yr TSR: -58.9%
CFO David C Michaels
1.0 yrs *interim; ; -53.7% 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
S&P GLOBAL INC (SPGI)  Mkt Cap: $134.6B
1-Yr TSR: 25.7%
CFO Ewout L Steenbergen
7.3 yrs ; 19.3% TSR
TBD TBD
SUMMIT THERAPEUTICS INC (SMMT)  Mkt Cap: $2.5B
1-Yr TSR: 141.0%
CFO Ankur Dhingra
1.8 yrs ; 109.6% TSR
Manmeet Singh Soni Mr. Soni, age 46, has served as Chief Operating Officer since October 2023 and as a member of the Company’s board of directors (the “Board”) since December 2019. Mr. Soni previously served as the President, Chief Operating Officer and Chief Financial Officer of Reata Pharmaceuticals, Inc., a role he held from February 2022 through September 2023, after initially joining Reata Pharmaceuticals as an…read full bio
THERMON GROUP HOLDINGS INC (THR)  Mkt Cap: $1.1B
1-Yr TSR: 39.1%
CFO Kevin Fox
3.2 yrs ; 20.8% 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
TILE SHOP HOLDINGS INC (TTSH)  Mkt Cap: $308.9M
1-Yr TSR: 54.9%
CFO Karla Lunan
2.3 yrs ; -2.4% TSR
Mark B. Davis Mark B. Davis has served as our Vice President, Investor Relations, and Chief Accounting Officer since September 2019. He previously served as our Controller since 2014. Prior to joining us, Mr. Davis worked for Target Corporation for five years in various financial reporting and accounting management positions. Prior to joining Target Corporation, Mr. Davis …read full bio
TRAWS PHARMA INC (TRAW)  Mkt Cap: $17.6M
1-Yr TSR: 12.2%
CEO Steven M Fruchtman
5.3 yrs ; -52.0% TSR
Werner Cautreels  Dr. Werner Cautreels is a highly accomplished biopharmaceutical executive with a core emphasis in research and development in various therapeutic areas, who brings a deep understanding of clinical and regulatory strategy. During his 40-year plus career, his work has touched on cardiovascular, autoimmune, oncology, rare disease, and vaccines. Dr. Cautreels was President and CEO of S…read full bio
TRONOX HOLDINGS PLC (TROX)  Mkt Cap: $2.6B
1-Yr TSR: 25.8%
CEO Jean Francois Turgeon
3.1 yrs ; .0% TSR
TBD TBD
ULTA BEAUTY INC (ULTA)  Mkt Cap: $21.7B
1-Yr TSR: -18.6%
CFO Scott M Settersten
11.5 yrs ; 15.7% TSR
Paula M. Oyibo Named Senior Vice President, Finance in February 2022, Ms. Oyibo, 44, currently has oversight of the Financial Planning & Analysis, Treasury and Non-Merchandise Procurement functions. She joined Ulta Beauty as Vice President of Finance for Merchandise, Marketing, and eCommerce in 2019. Prior to joining Ulta Beauty, Ms. Oyibo served in finance and controller roles at Whirlpool Corporation and i…read full bio
UNDER ARMOUR INC (UAA)  Mkt Cap: $3.0B
1-Yr TSR: -26.7%
CEO Stephanie Linnartz
1.1 yrs ; -26.2% TSR
Kevin A Plank Mr. Plank, age 51, became the Company’s Executive Chair and Brand Chief in January 2020, after serving as Chief Executive Officer and Chair of the Board (“Chair”) of the Company from 1996 to 2019, and President from 1996 to July 2008 and August 2010 to July 2017. In connection with his appointment as President and Chief Executive Officer,…read full bio
VIMEO INC (VMEO)  Mkt Cap: $638.6M
1-Yr TSR: 1.6%
CEO Adam Gross
.6 yrs *interim; ; 17.0% TSR
Philip D Moyer Mr. Moyer, age 58, previously 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 Services at Amazon Web Services, a division of Amazon.com, Inc, where he managed Banking, Capital Markets, Insur…read full bio
XENCOR INC (XNCR)  Mkt Cap: $1.3B
1-Yr TSR: -23.6%
CFO John J Kuch
5.8 yrs ; -4.2% TSR
TBD TBD

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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