Weekly Activism & Executive Moves Review (Mar 15)

by | Mar 16, 2024

WEEKLY SNAPSHOT

Starbucks (SBUX) officially won its proxy contest (more below) with the Strategic Organizing Center (SOC). SOC had targeted directors Ritch Allison (93.3% FOR), Andy Campion (95.7% FOR) and Jørgen Vig Knudstorp (90.3% FOR). So, the campaign certainly made a dent as typically directors receive votes in the very high 90s range, but in the end didn’t amount to much. The SOCs campaign had its merits, but many will wonder if the expenses passed onto shareholders and the unions were worth it. Say-on-Pay also had a little lower support than is typical at most companies, coming in at 91% voting for. SBUX has actually had a history of executive compensation angst with only 85% support in 2023 and a very low 43% support in 2021.

The Rubric Capital vs Xperi proxy battle will begin to heat up now as the first preliminary proxy has been filed. Rubric has expressed opposition towards the re-election of Deborah S. Conrad and Thomas A. Lacey, two out of five directors, as disclosed in their initial 13D filing on January 23, 2024. Preceding this, on January 22, 2024, Rubric submitted a letter to the Xperi board nominating their own directors. Xperi, which commenced trading independently from Xperi Holding on October 1, 2022, has witnessed a significant decline of nearly 30% in its stock value since the spin-off. With an elevated Boardroom Alpha Activist Vulnerability Score and a board rating of C-, Xperi its no surprise the battle is no surprise. Additionally, despite shareholder losses, CEO Kirchner received a substantial compensation of $9.9 million in 2022.

Bradley L. Radoff is in at DMC Global (BOOM) which is down over -18% in the last year. Radoff will work with the board to identify a new independent director and will see the board downsize modestly with two existing directors not being re-nominated.

Thirdpoint and Saddlepoint are in at Advance Auto Parts (AAP) which is down over 31% in the last year. The board will add 3 of the activists’ selected directors.

3M CO (MMM) will lose Michael Roman as CEO in April. Many shareholders will be happy to see him go as his ~6 years at the helm has seen the stock drop from ~$195 to ~$105 — a -46% decline. New CEO William Brown will have his work cut out for him. Given the board’s track record — we rate almost every one of their tenures as a D — it may be time for a big shake-up. The Boardroom Alpha Activist Vulnerability Score is blinking red and we won’t be surprised to see someone giving the board a real push, real soon. Whomever is at the helm, they will need to fix executive compensation in conjunction with performance. Our pay-for-performance measure says CEO pay is out-of-whack, but given performance under Roman, most anyone would believe that $14M in 2022 was too rich a payday. And, shareholders agree with only 87% supporting it in 2023 and 88% in 2022. Shareholders don’t vote on director pay, but many will also wonder if they are getting value-for-money with a 12 member board earning ~$3.5 annually while they continue to lose.

Wall Street let Under Armour (UAA) know what it thought of its decision to bring Kevin Plank back as CEO as the stock dropped 12% on the announcement. Departing CEO Stephanie Linnartz has only been in the role for after just over a year, but in that time UAA has traded down -26% to just over $7. And, this makes it two CEOs in two years — never a good sign. Under Armour is another board in need of change based on performance. 7 out of the 10 board members have D Boardroom Alpha ratings. Under Armour performance on both fundamental and market measures also has it at about the highest Activist Vulnerability Score possible. Shareholders will have to wait until late this summer to have their say (the 2023 meeting happened at the very end of August), but if performance remains status quo, we’d recommend they vote “NO” when it comes to re-electing this board.

ACTIVISM UPDATE

LATEST COOPERATION AGREEMENTS

TARGET 1-Year TSR ACTIVIST SUMMARY FILING DATE STOCK CHANGE DAYS SINCE
DMC GLOBAL INC (BOOM) -18.5% Bradley L. Radoff
  • Boardroom Allpha’s activist vulnerability score at 98 (very high) at time of announcement
  • Board / Radoff to collaborate on finding new independent director
  • Directors Cohen & Graff not re-nominated
  • Board size locked at 9 before AGM; 7 after, until new ind director named
  • Shareholders have been voting against Rose & Kelly
View Filing 2024-03-15 3.0% 1
ADVANCE AUTO PARTS INC (AAP) -31.1% Thirdpoint & Saddlepoint
  • Board adds 3 directors: A. Brent Windom, Gregory L. Smith and Thomas W. Seboldt
  • Agreements in place until effective until the earlier of (i) 30 days prior to the deadline for the submission of stockholder nominations for the Company’s 2025 annual meeting of stockholders and (ii) 150 days prior to the anniversary of the 2024 Annual Meeting.
View Filing 2024-03-12 7.9% 4
INFUSYSTEM HOLDINGS INC (INFU) 8.5% R. Rimmy Malhotra and Nicoya Capital
  • R. Rimmy Malhotra resigns
  • INFU to pay Malhorta & Nicoya Capitl $625,000 exit conssideration
View Filing 2024-03-08 0.8% 8
BARNES GROUP INC (B) -4.1% Irenic Capital Management
  • Add Adam J. Katz, the Chief Investment Officer of Irenic Capital Management, to the board
  • Board size limited to 11 maximum
  • Irenic must hold a net long position of 3% minimum
  • Effective March 5, 2024, board engaged Larry Lawson, former CEO of Spirit AeroSystems Holdings, Inc., to serve as a special advisor to the Board and the Company’s senior management team.
  • Chairman Thomas O. Barnes and Mylle Mangum resign as of shareholder meeting
View Filing 2024-03-05 3.2% 11
CHEFS’ WAREHOUSE INC (CHEF) 18.7% Legion Partners
  • Board size temporarily goes to 14 from 11
  • Richard N. Peretz and Wendy M. Weinstein appointed to the board. Third new independent director to be named.
  • Mr. Peretz appointed to the Compensation and Human Capital Committee
  • Ms. Weinstein to the Nominating and Corporate Governance Committee
  • At 2024 AGM, board to reduce to 11 with 3 incumbent directors with tenures over 5 years resigning
  • At 2025 AGM, board to reduce to 9 with 2 incumbent directors with tenures over 5 years resigning
  • Creating an Operational and Financial Performance Task Force — to include Mr. Peretz and Ms. Weinstein and utilize nationally recognized consulting firm
View Filing 2024-03-04 -1.8% 12
VENTAS INC (VTR) -4.2% Land & Buildings Investment Management
  • Board adds: Theodore R. Bigman, Founder and Chief Investment Officer of Bigman Holdings and former Head of Global Listed Real Assets Investing at Morgan Stanley Investment Management
  • Board adds: Joe V. Rodriguez, Jr., President of Burnt Mountain Investments LLC and former Chief Investment Officer of Invesco Real Estate
  • Bigman added to the Investment Committee
  • Rodriguez added to the Nominating, Governance and Corporate Responsibility Committee
  • Coop agreement effective until day after 2025 annual meeting
View Filing 2024-03-04 -3.7% 12

 

LATEST 13D ACTIVIST FILINGS

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

FILED TICKER COMPANY FILED BY OWNERSHIP 1-Year TSR SUMMARY FILING
2024-03-12 SCNI SCINAI IMMUNOTHERAPEUTICS LTD STONE DANIEL E. 12.96 -77.2%
  • Previously disclosed holdings via 13 G, but now considering alternative options that are included in scope of Item 4 disclossure
2024-03-12 – SC 13D
2024-03-12 TBRG TRUBRIDGE INC Pinetree Capital Ltd. 7.50 -65.0%
  • Has been engaging in discussions with management and the board of directors concerning the business, operations, and future plans.
  • May consider and/or make proposals (whether preliminary or firm) with respect to, among other things, potential changes in the composition of the Board, capital structure, organizational documents and strategy or plans of the Issuer.
  • May communicate with other shareholders or third parties regarding the foregoing.
2024-03-12 – SC 13D

PROXY CONTEST RESULTS

TICKER COMPANY ACTIVIST MEETING DATE SUMMARY
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

 

LATEST PROXY CONTEST FILINGS

TICKER COMPANY LATEST PROXY SUMMARY FILED BY FILINGS
DIS WALT DISNEY CO 2024-02-06 – DEFC14A Activist / Trian Summary

  • Trian owns ~$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

Activist / Blackwell’s Summary

  • 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.

Other Activity

  • 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.
WALT DISNEY CO 2024-03-15 – DEFA14A
2024-03-13 – DEFA14A
2024-03-13 – DEFA14A
2024-03-13 – DEFA14A
2024-03-12 – DEFA14A
2024-03-12 – DEFA14A
2024-03-11 – DEFA14A
2024-03-11 – DEFA14A
Blackwells Capital LLC 2024-03-15 – DFAN14A
2024-03-12 – DFAN14A
2024-03-12 – DFAN14A
2024-03-11 – DFAN14A
Trian / Nelson Peltz 2024-03-15 – DFAN14A
2024-03-15 – DFAN14A
2024-03-14 – DFAN14A
2024-03-13 – DFAN14A
2024-03-12 – DFAN14A
2024-03-12 – DFAN14A
2024-03-11 – DFAN14A
2024-03-11 – DFAN14A
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 2024-03-08 – DFAN14A
2024-03-05 – DEFA14A
2024-03-04 – DEFA14A
2024-03-04 – DEFA14A
2024-02-29 – DEFA14A
2024-02-26 – PREC14A
2024-02-26 – DEFA14A
ANCORA ADVISORS, LLC 2024-03-12 – DFAN14A
2024-03-07 – DFAN14A
2024-03-04 – PREC14A
2024-03-04 – DFAN14A
2024-03-04 – DFAN14A
2024-03-01 – DFAN14A
2024-02-28 – DFAN14A
2024-02-23 – DFAN14A
WH WYNDHAM HOTELS & RESORTS INC 2024-02-27 – PREC14A WYNDHAM HOTELS & RESORTS INC 2024-03-11 – DEFA14A
2024-03-11 – DEFA14A
CHOICE HOTELS INTERNATIONAL INC 2024-02-27 – PREC14A
ELAN ELANCO ANIMAL HEALTH INC
  • Ancora has buitl 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.
ELANCO ANIMAL HEALTH INC 2024-02-29 – DEFA14A
2024-02-29 – DEFA14A
ANCORA ADVISORS, LLC 2024-02-29 – DFAN14A
CCI CROWN CASTLE INC

 

  • 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 2024-03-05 – DEFA14A
2024-03-04 – DEFA14A
2024-02-28 – DEFA14A
Boots Parallel 1, LP 2024-03-14 – DFAN14A
2024-03-12 – DFAN14A
2024-03-07 – DFAN14A
2024-03-04 – DFAN14A
M MACY’S INC

 

  • 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 2024-03-14 – DEFA14A
2024-03-14 – DEFA14A
2024-03-04 – DEFA14A
Arkhouse Value Fund I LP 2024-03-14 – PREC14A
2024-03-05 – DFAN14A
2024-03-05 – DFAN14A
2024-03-04 – DFAN14A
SCOR COMSCORE INC
  • 180 Degree Capital has nominated Matthew McLaughlin to the SCOR’s board
180 DEGREE CAPITAL CORP 2024-03-04 – DFAN14A
XPER XPERI INC 2024-03-08 – 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 2024-03-11 – DFAN14A
2024-03-08 – PREC14A

 

CEO & CFO MOVES

COMPANY MARKET CAP / TSR ROLE LEAVING NEW CEO / CFO NEW CEO / CFO BIOGRAPHY
3M CO (MMM)  Mkt Cap: $58.0B
1-Yr TSR: 8.7%
CEO Michael F Roman
5.8 yrs ; -8.8% TSR
William M Brown Mr. Brown, 61, is the former chairman and chief executive officer of L3Harris Technologies, a global innovator in aerospace and defense technology solutions, where he served as executive chair from June 2021 to June 2022, after having served as chairman and chief executive officer from 2019 to June 2021. Mr. Brown previously served as chairman, president, and chief executive officer of Harris Corp…read full bio
AILERON THERAPEUTICS INC (ALRN)  Mkt Cap: $25.3M
1-Yr TSR: 279.6%
CEO Manuel Aivado
5.5 yrs ; -33.8% TSR
Brian Windsor Prior to becoming President and Chief Operating Officer, Dr. Windsor served, since July 2013, as President, Chief Executive Officer and a director of Lung. From September 2019 to March 2022, Dr. Windsor served as a director and the Chief Science Officer of TFF Pharmaceuticals, Inc. (Nasdaq: TFFP), a public biopharmaceutical company that Lung spun out into an independent company. From Jan…read full bio
ALLBIRDS INC (BIRD)  Mkt Cap: $113.3M
1-Yr TSR: -34.5%
CEO Joseph Zwillinger
2.3 yrs ; -74.8% TSR
Joseph Vernachio Mr. Vernachio, 59, served as the Company’s Chief Operating Officer since June 2021. From April 2017 to May 2021, Mr. Vernachio served as President of Mountain Hardwear, Inc., an outdoor apparel, equipment, and accessories company, where he led all aspects of Mountain Hardwear’s global business, including brand positioning, go-to-market strategies, and execution across all distribution …read full bio
BETTER THERAPEUTICS INC (BTTX)  Mkt Cap: $2.1M
1-Yr TSR: -95.3%
CEO Frank Karbe
1.7 yrs ; -72.2% TSR
Craig R Jalbert Mr. Jalbert has served as a principal of the Foxborough, Massachusetts accounting firm of Verdolino & Lowey, P.C. since 1987. For over 30 years he has focused his practice in distressed businesses and has served, and continues to serve, in the capacities of officer and director for numerous firms in their wind-down phases….read full bio
CENCORA INC (COR)  Mkt Cap: $47.5B
1-Yr TSR: 61.2%
CEO Steven H Collis
13.3 yrs ; 16.4% TSR
Robert P Mauch Bob Mauch is currently the Executive Vice President and Chief Operating Officer of Cencora, Inc. In this role, he leads all of Cencora’s domestic and international business units. Bob is focused on building innovative solutions that advance the delivery of pharmaceutical care, creating a best-in-class customer and partner experience, and ensuring access to life-saving pharmaceutical car…read full bio
COGNEX CORP (CGNX)  Mkt Cap: $7.0B
1-Yr TSR: -14.6%
CFO Paul Todgham
4.0 yrs ; -5.2% TSR
Laura MacDonald
(interim)
Ms. MacDonald, age 55, has served as the Company’s Vice President of Finance since December 2007, and prior to that time, worked in a series of roles with increasing responsibility in the Finance Department after joining the Company in 1994. Beginning in May 2019, Ms. MacDonald served as the Company’s “principal financial officer” and “principal accounting officer” prior to Mr. Todgham joining the…read full bio
COMTECH TELECOMMUNICATIONS CORP (CMTL)  Mkt Cap: $130.7M
1-Yr TSR: -62.8%
CEO Ken Allen Peterman
1.6 yrs ; -22.7% TSR
John Ratigan
(interim)
  John Ratigan, age 63, who is currently the Company’s Chief Corporate Development Officer (“CCDO”), will serve as interim Chief Executive Officer, effective immediately. Before joining Comtech in November 2023 as the Company’s first CCDO, Mr. Ratigan served as CEO and President of iDirect Government, LLC and as an Executive Committee Member of ST Engineering iDirect, …read full bio
COSTCO WHOLESALE CORP (COST)  Mkt Cap: $321.8B
1-Yr TSR: 55.1%
CFO Richard A Galanti
30.4 yrs ; 16.1% TSR
Gary Millerchip Gary brings extensive retail and finance experience to Costco, serving as Senior Vice President and Chief Financial Officer at The Kroger Co. since April 2019. Gary spent 15 years at The Kroger Co., preceded by more than 20 years in banking, most recently with the NatWest Group (formerly Royal Bank of Scotland) in the U.K….read full bio
EL POLLO LOCO HOLDINGS INC (LOCO)  Mkt Cap: $266.8M
1-Yr TSR: -24.0%
CEO Maria Hollandsworth
.3 yrs *interim;
Elizabeth Williams   Ms. Williams, age 47, brings to the Company significant experience leading high-growth multi-unit retail, restaurant and service businesses. Most recently, Ms. Williams served as the Chief Executive Officer of Outfox Hospitality, parent company of Foxtrot, a high-growth modern café and convenience store, and Dom’s Kitchen and Market. Prior to Foxtrot, she led innovative brands …read full bio
EQUINIX INC (EQIX)  Mkt Cap: $80.5B
1-Yr TSR: 25.4%
CEO Charles J Meyers
5.8 yrs ; 15.3% TSR
Adaire Fox-Martin Ms. Fox-Martin, age 59, has served as a member of the Board since 2020. In addition, prior to her appointment as Chief Executive Officer and President of the Company, she served as the President of Google Cloud Go-to-Market and the Head of Google Ireland. Prior to that, Ms. Fox-Martin served as the EMEA Cloud President of Google Cloud International, various roles at SAP, including a member of the …read full bio
FOSSIL GROUP INC (FOSL)  Mkt Cap: $45.7M
1-Yr TSR: -74.7%
CEO Kosta N Kartsotis
23.4 yrs ; -7.8% TSR
Jeffrey N Boyer
(interim)
Boyer has over 30 years of experience in retail and has been instrumental in leading key initiatives under the Company’s TAG Plan. He has been a member of the executive leadership team at Fossil Group since 2017 and has served as Chief Operating Officer since April 2021. He previously served as the Company’s Chief Financial Officer and Treasurer for four years and was a member of …read full bio
FUNKO INC (FNKO)  Mkt Cap: $338.6M
1-Yr TSR: -14.5%
CFO Steve Nave
1.0 yrs ; -36.5% TSR
Yves LePendeven Mr. LePendeven, age 45, has served as the Company Deputy Chief Financial Officer since August 2023. Prior to that, Mr. Le Pendeven held several roles as a senior finance executive since joining Funko in October 2019. Prior to joining Funko, Mr. Le Pendeven served multiple finance roles at Volcom, a subsidiary of the Kering Group, most recently as Vice President, Financial Planning & Analy…read full bio
HUDSON ACQUISITION I CORP (HUDA)  Mkt Cap: $47.3M
1-Yr TSR: 3.1%
CEO Jiang Hui
1.9 yrs ; 3.3% TSR
Warren Wang Mr. Wang brings over 20 years of experience in financing, listing, and capital operations. He currently serves as a board member and chief executive officer of PX SPAC Capital INC since February 2022, and as a board member and chief executive officer of PX Capital USA INC since March 2019. From March 2019 to January 2022, Mr. Wang served as the chairman and chief executive officer of Hudson Capita…read full bio
ISUN INC (ISUN)  Mkt Cap: $6.8M
1-Yr TSR: -83.9%
CEO Jeffrey Peck
4.8 yrs ; -56.2% TSR
Robert J. Zulkoski Mr. Zulkoski, age 62, has over 30 years of experience in global finance and investment management. As a general partner he has invested over US$5BN of fiduciary capital. His current activities are focused on social impact projects and initiatives. He is currently Managing Partner of Conduit Capital Holdings US, a holding company established to hold a portfolio of interests in a variety of social a…read full bio
KENNAMETAL INC (KMT)  Mkt Cap: $1.9B
1-Yr TSR: -12.6%
CEO Christopher Rossi
6.8 yrs ; -3.9% TSR
Sanjay Chowbey Sanjay Chowbey joined Kennametal in 2021 as Vice President of Kennametal Inc. and President of the Company’s Metal Cutting segment. Chowbey has global responsibility for the Metal Cutting segment. In this role he is accountable for all aspects of the business, including advancing the strategy, driving operational excellence and delivering profitable growth for the segment. He has more than 2…read full bio
LEXARIA BIOSCIENCE CORP (LEXX)  Mkt Cap: $40.7M
1-Yr TSR: 39.8%
CFO Mike Shankman
.8 yrs ; 240.3% TSR
Nelson Cabatuan Mr. Cabatuan does not have any family relationships with any other person employed or engaged by the Company nor has Mr. Cabatuan been a party to any transaction with the Company exceeding $120,000.  Mr. Cabatuan has over 15 years of extensive experience in the biotech industry with a focus on strategic planning, fundraising, financial planning and analysis, accounting, administration and ope…read full bio
MADRIGAL PHARMACEUTICALS INC (MDGL)  Mkt Cap: $5.4B
1-Yr TSR: 10.5%
CFO Alex G Howarth
2.8 yrs ; 25.7% TSR
Mardi Dier Ms. Dier, age 60, was most recently Chief Financial Officer of Acelyrin, Inc., where she completed the company’s $621 million initial public offering before departing in August 2023. Prior to that, Ms. Dier was Chief Financial Officer and Executive Vice President of Ultragenyx, responsible for leading the corporate strategy, FP&A, accounting, tax, investor relations, globa…read full bio
MANNATECH INC (MTEX)  Mkt Cap: $16.8M
1-Yr TSR: -48.7%
CEO Alfredo Bala
8.7 yrs ; -3.7% 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
PERPETUA RESOURCES CORP (PPTA)  Mkt Cap: $253.1M
1-Yr TSR: 14.6%
CEO Laurel Sayer
8.2 yrs ; 5.4% TSR
Jonathan Cherry Mr. Cherry, age 54, previously served as President and Chief Executive Officer and as a director of PolyMet Mining Company (“PolyMet”) from July 2012 to November 2023 and as Chairman of the board of directors of PolyMet from June 2020 to November 2023. Prior to joining PolyMet, Mr. Cherry worked as Vice President, Environment and Government Affairs, R…read full bio
PETCO HEALTH & WELLNESS COMPANY INC (WOOF)  Mkt Cap: $646.2M
1-Yr TSR: -77.6%
CEO Ron Coughlin
5.8 yrs ; -52.4% TSR
R. Michael Mohan
(interim)
Mr. Mohan, 56, has served on the Board since March 2021 and as the Company’s Lead Independent Director since July 2021. In light of his appointment, Mr. Mohan will no longer serve as Lead Independent Director or as a member of the Audit Committee of the Board, but will continue to serve as a member of the Board. Previously, Mr. Mohan served as President and Chief Operating Off…read full bio
PRUDENTIAL FINANCIAL INC (PRU)  Mkt Cap: $40.5B
1-Yr TSR: 42.3%
CFO Kenneth Tanji
5.3 yrs ; 8.1% TSR
Yanela C. Frias Ms. Frias, 51, has been in her current role since October 2021. She previously held various positions of increasing responsibility at the Company, including: President, Prudential Retirement, from December 2019 to October 2021; Head of Investment and Pension Solutions, Prudential Retirement, from June 2017 to December 2019; Senior Vice President, Head of Structured Settlements, Prudential Ret…read full bio
PULMONX CORP (LUNG)  Mkt Cap: $344.9M
1-Yr TSR: -20.6%
CEO Glendon E French III
9.3 yrs ; -33.4% TSR
Steven S. Williamson Steve Williamson brings nearly 30 years of experience driving high growth medical device businesses, having served most recently as Chief Commercial Officer of Outset Medical, Inc (“Outset”). Prior to Outset, he served as the Worldwide President for the Peripheral Intervention (“PI”) business unit of CR Bard (“Bard”) and later Becton, Dickinson and Company (&ldq…read full bio
RESTAURANT BRANDS INTERNATIONAL INC (QSR)  Mkt Cap: $24.8B
1-Yr TSR: 33.3%
CFO Matthew Dunnigan
6.2 yrs ; 7.4% TSR
Sami A Siddiqui Mr. Siddiqui has held the position of President, Popeyes U.S. & Canada since September 2020. Prior to that Mr. Siddiqui served as President of Asia Pacific for RBI from February 2019 to September 2020 and as Chief Financial Officer for Burger King Corporation from October 2018 to February 2019. From September 2016 to September 2018, he was President of Tim Hortons, having previously served as …read full bio
SERES THERAPEUTICS INC (MCRB)  Mkt Cap: $118.7M
1-Yr TSR: -85.9%
CFO David Arkowitz
2.8 yrs ; -65.7% TSR
Marella Thorell Mr. Shaff, age 48, has served as the Company’s President and Chief Executive Officer and a member of the Board since January 2019. Previously, he served as the Company’s Chief Operating and Financial Officer and Executive Vice President from January 2018 until January 2019 and as the Company’s Chief Financial Officer from November 2014 until January 2019. From January 2012 to Nov…read full bio
TURNING POINT BRANDS INC (TPB)  Mkt Cap: $487.1M
1-Yr TSR: 36.5%
CFO Luis Reformina
2.8 yrs ; -20.3% TSR
Andrew Flynn Andrew Flynn, age 48, previously served as the CFO of Connected Cannabis Co. (“Connected”) from September 2021 until March 2024, where he was responsible for bringing sustained profitable growth, expanding geographically and recapitalizing the company. Prior to joining Connected, from June 2019 until September 2021, Mr. Flynn served in various positions at Juul Labs, includin…read full bio
UNDER ARMOUR INC (UAA)  Mkt Cap: $3.1B
1-Yr TSR: -14.2%
CEO Stephanie Linnartz
1.1 yrs ; -22.2% 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
VACCINEX INC (VCNX)  Mkt Cap: $7.2M
1-Yr TSR: -91.1%
CFO Scott E Royer
4.1 yrs ; -69.1% TSR
Jill Sanchez
(interim)
Ms. Sanchez is a CPA and has served the Company faithfully and efficiently for eight years most recently as the Company’s Controller since January 2019…read full bio

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