Weekly Activism & Executive Moves Review (Mar 2- Mar 8)

by | Mar 11, 2024

WEEKLY SNAPSHOT

There was action across the activist landscape during the week. Arkhouse and Brigade raised their bid for Macy’s (M) to $24 per share from $21. The Wall Street Journal reported that Ancora is receiving pushback from the unions that once were fight against Norfolk Southern (NSC), but now may be more aligned against a common foe.

We saw several new activist cooperation agreements announced. Irenic Capital won multiple concessions from Barnes Group (B) including placing their CIO Adam Katz on the board. Chef’s Warehouse and Legion Partners made a deal for board seats, a gradual reduction in board size and the creation of a new task force focused on operations and performance. Land & Buildings continued its busy 2024 and added Ventas to its list. A couple of weeks ago BJs Restaurants entered a cooperation agreement with Fund 1 Investments, and this past week PW Partners filed a 13D looking for a number of actions to be taken.

New York Community Bank (NYCB) announced it is receiving an over $1 billion investment from ex-Treasury Secretary Steven Mnuchin’s Liberty Stragic Global, Hudson Bay Capital and Reverence Capital. As part of the deal, NYCB will add four new directors to its board including Mnuchin. And, NYCB will get a new CEO as former Comptroller of the Currency Joseph Otting takes the helm while DiNello will go back to non-executive chair. It’s been a tumultuous couple of weeks for NYCB as director Hanif Dahya resigned in protest of their choice of new CEO, the bank reported $2.4 billion more in losses, internal control issues, and its stock dropped 25%.

ACTIVISM UPDATE

LATEST COOPERATION AGREEMENTS

TARGET 1-Year TSR ACTIVIST SUMMARY FILING DATE STOCK CHANGE DAYS SINCE
BARNES GROUP INC (B) -5.1% 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 6.6% 3
CHEFS’ WAREHOUSE INC (CHEF) 9.1% 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 -2.3% 4
VENTAS INC (VTR) -7.3% 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 -1.3% 4
INDEPENDENCE REALTY TRUST INC (IRT) -5.7% Argosy-Lionbridge Real Estate Securities, Samuel Foster and Marion Kirwin
  • Added Craig Macnab to the board
View Filing 2024-03-01 9.6% 7
CITI TRENDS INC (CTRN) 20.0% Fund 1 Investments
  • Appointing  David Heath, Charles Liu and Michael Kvitko to the board at annual meeting (observers until then).
  • 3 existing directors to retire at meeting: Brian Carney, Laurens Goff and Christina Francis
View Filing 2024-02-29 9.4% 8
BJS RESTAURANTS INC (BJRI) 18.2% Fund 1 Investments
  • BJs to create a “Shareholder Value Initiatives” committee
  • Appoints C. Bradford Richmond to the board — previously CFO of Darden (DRI)
View Filing 2024-02-28 11.2% 9
ON24 INC (ONTF) -0.7% Indaba Capital Management
  • Ronald Mitchell to continue on the board until the 2025 shareholder meeting
View Filing 2024-02-26 -5.7% 11

 

LATEST 13D ACTIVIST FILINGS

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

FILED TICKER COMPANY FILED BY OWNERSHIP 1-Year TSR SUMMARY FILING
2024-03-06 BJRI BJS RESTAURANTS INC PW Partners 5.20 18.2% Investor sent letter on February 20th to Chairman of the board recommending the company take the following actions:

  1. Reduce the current cost structure by $50 million by the end of the second quarter of 2024 with a focus on G&A, Labor and Purchasing
  2. Execute a $100 million stock buyback.
  3. Reduce the Board size to seven members, all of whom are focused on shareholder value.
  4. Appoint PW Partners’ representatives to the Board.

On February 28th, investor formally nominated Jeffery Crivello and Patrick Walsh to the board.

Investor also putting an additional shareholder proposal to repeal each provision of, or amendment to, the Bylaws adopted by the Board without the approval of the shareholders of the Issuer subsequent to August 14, 2020, which is the date of the most recent publicly available amendment to the Bylaws.

2024-03-06 – SC 13D
2024-03-06 LPSN LIVEPERSON INC Vector Capital Management, L.P. 12.37 -90.5%
  • At the invitation of the LPSN, on February 28, 2024, Vector and the LSPN entered into a letter agreement (the “Confidentiality Agreement”), for the purpose of facilitating the discussion of the company and its performance
  • The agreement expired on March 4th after LSPN issued their 10-K
  • LSPN and Vector are discussing another agreement, that will likely be a more holistic “cooperation” agreement versus a simple confidentiality agreement
2024-03-06 – SC 13D

 

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 2024-03-08 – DEFA14A
2024-03-06 – DEFA14A
2024-03-06 – DEFA14A
2024-03-04 – DEFA14A
2024-03-04 – DEFA14A
2024-03-01 – DEFA14A
Blackwells Capital LLC 2024-03-07 – DFAN14A
2024-03-06 – DFAN14A
2024-03-05 – DFAN14A
2024-03-05 – DFAN14A
2024-03-01 – DFAN14A
Trian / Nelson Peltz 2024-03-07 – DFAN14A
2024-03-07 – DFAN14A
2024-03-06 – DFAN14A
2024-03-05 – DFAN14A
2024-03-04 – DFAN14A
2024-03-01 – DFAN14A
2024-03-01 – DFAN14A
NSC NORFOLK SOUTHERN CORP 2024-02-26 – 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 2024-03-07 – 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 2024-02-26 – PREC14A
2024-02-23 – DEFA14A
CHOICE HOTELS INTERNATIONAL INC 2024-02-27 – PREC14A
SBUX STARBUCKS CORP 2024-01-25 – DEFC14A
  • 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.
  • he Institutional Shareholder Services (ISS) has recommended shareholders vote in favor of all Starbucks board nominees
STARBUCKS CORP 2024-03-05 – DEFA14A
2024-03-01 – DEFA14A
2024-02-29 – DEFA14A
2024-02-27 – DEFA14A
2024-02-23 – DEFA14A
Strategic Organizing Center 2024-03-05 – DFAN14A
2024-03-04 – DFAN14A
2024-02-29 – DFAN14A
2024-02-29 – DFAN14A
2024-02-27 – DFAN14A
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 2024-03-07 – DFAN14A
2024-03-04 – DFAN14A
2024-02-28 – 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 2024-03-04 – DEFA14A
Arkhouse Value Fund I LP 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

 

CEO & CFO MOVES

COMPANY MARKET CAP / TSR ROLE LEAVING JOINING JOINER BIOGRAPHY
ALAMO GROUP INC (ALG)  Mkt Cap: $2.4B
1-Yr TSR: 10.9%
CFO Richard J Wehrle
2.8 yrs ; 13.5% TSR
Agnes Kamps Ms. Kamps joins the Company from Americas Styrenics, LLC, where she has served as Vice President and Chief Financial Officer since January 2021. Prior to her role with Americas Styrenics, Ms. Kamps served in various accounting management capacities with several Siemens companies and with United Technologies. Ms. Kamps holds a Bachelor of Business Administration with an accounting concentratio…read full bio
ATLAS ENERGY SOLUTIONS INC (AESI)  Mkt Cap: $2.0B
1-Yr TSR: %
CEO Ben M Brigham
1.0 yrs ; .1% TSR
John Turner John Turner has served as our Chief Financial Officer since April 2017 and our President since November 2022. Mr. Turner has over 20 years of oil and natural gas industry experience. Prior to assuming his current role, Mr. Turner worked in various capacities for both public and private entities, with a focus on corporate finance, business development and strategic planning, including as …read full bio
ATLAS ENERGY SOLUTIONS INC (AESI)  Mkt Cap: $2.0B
1-Yr TSR: %
CEO Ben M Brigham
1.0 yrs ; 15.5% TSR
John Turner John Turner has served as our Chief Financial Officer since April 2017 and our President since November 2022. Mr. Turner has over 20 years of oil and natural gas industry experience. Prior to assuming his current role, Mr. Turner worked in various capacities for both public and private entities, with a focus on corporate finance, business development and strategic planning, including as …read full bio
CENTURY COMMUNITIES INC (CCS)  Mkt Cap: $2.7B
1-Yr TSR: 45.0%
CFO David L Messenger
10.8 yrs ; 15.7% TSR
John Scott Dixon Mr. Dixon has been with Century for over 10 years and was promoted to Assistant Chief Financial Officer in May 2022. Prior to serving as Assistant Chief Financial Officer, Mr. Dixon served as Chief Accounting Officer of Century from November 2016 to May 2022, and prior to that position, he served as Century’s Vice President of Accounting from November 2013 to November 2016. He was heavily in…read full bio
CERENCE INC (CRNC)  Mkt Cap: $585.9M
1-Yr TSR: -48.9%
CFO Thomas L Beaudoin
1.8 yrs ; -33.6% TSR
Daniel David Tempesta Mr. Tempesta, age 53, most recently served as Executive Vice President and Chief Financial Officer at Nuance Communications, Inc. (“Nuance”) from July 2015 until December 2023, and in this role, he oversaw all finance and accounting operations, as well as tax, treasury, investor relations, order management, and procurement. Prior to his appointment as Nuance’s Chief Financia…read full bio
DISCOVER FINANCIAL SERVICES (DFS)  Mkt Cap: $30.4B
1-Yr TSR: 12.0%
CEO John B Owen
.6 yrs *interim; ; 4.7% TSR
Michael George Rhodes Michael G. Rhodes is our CEO and President, having joined Discover in February 2024. Prior to joining Discover, Mr. Rhodes was the Group Head, Canadian Personal Banking at TD Bank Group (“TD”). He joined TD in 2011 to lead the North American Credit Card and Merchant Services business, and from 2017 to 2021, he also served as the Group Head, Innovation, Technology and Shared Services. His experienc…read full bio
EAGLE PHARMACEUTICALS INC (EGRX)  Mkt Cap: $81.2M
1-Yr TSR: -76.0%
CFO Brian Cahill
3.4 yrs ; -41.6% TSR
Steven B Ratoff
(interim)
Mr. Ratoff has served as a member of the Board since March 2007. Mr. Ratoff has served as the Chief Executive Officer of CM Systems LLC, a cloud-based software company, since July 2018. Mr. Ratoff’s prior experience includes serving as a Venture Partner for ProQuest Investments from 2005 to 2013, as Chief Executive Officer of Novadel Pharma, Inc., a specialty pharmaceutical company, from 2007 to 2…read full bio
EL POLLO LOCO HOLDINGS INC (LOCO)  Mkt Cap: $286.7M
1-Yr TSR: -26.0%
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
FUNKO INC (FNKO)  Mkt Cap: $364.1M
1-Yr TSR: -26.2%
CFO Steve Nave
1.0 yrs ; -34.1% 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
HOULIHAN LOKEY INC (HLI)  Mkt Cap: $8.6B
1-Yr TSR: 37.0%
CEO Scott L Beiser
21.4 yrs ; 25.5% TSR
Scott Joseph Adelson Mr. Adelson, age 63, has served as our Co- President since 2013, has been a Senior Managing Director in our Corporate Finance group since 2002, and serves as our Global Co-Head of Corporate Finance. Mr. Adelson has served on the board of directors for various public and private companies, including QAD Inc. from April 2006 to November 2021 and Motorcar Parts of America, Inc. (N…read full bio
IDEANOMICS INC (IDEX)  Mkt Cap: $12.7M
1-Yr TSR: -92.9%
CFO Scott Morrison
.9 yrs ; -92.6% TSR
Ryan M. Jenkins Mr. Jenkins brings extensive years of advancing responsibilities across multiple business units of major companies, including Walmart and the FedEx Corporation. He has served as the Corporate Treasurer and Head of FP&A for Ideanomics since March 2022, and served as Associate Director of Finance & Treasury and Investor Relations for Walmart from 2020 to 2022. Since 2019 he has been an Adjun…read full bio
ISSUER DIRECT CORP (ISDR)  Mkt Cap: $51.7M
1-Yr TSR: -40.0%
CFO Timothy Pitoniak
2.2 yrs ; -26.9% TSR
Steve Knerr
(interim)
Mr. Knerr, 48, served as the Company’s Controller from August 2013 until May 2015, its interim Chief Financial Officer from May 2015 until November 2015 and its Chief Financial Officer from November 2015 until January 2022 when he assumed the role of Vice President of Finance and Controller. …read full bio
ISUN INC (ISUN)  Mkt Cap: $7.6M
1-Yr TSR: -85.4%
CEO Jeffrey Peck
4.8 yrs ; -56.0% 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
KALVISTA PHARMACEUTICALS INC (KALV)  Mkt Cap: $496.3M
1-Yr TSR: 87.0%
CEO Thomas Andrew Crockett
7.3 yrs ; 10.2% TSR
Ben Palleiko Ben Palleiko joined KalVista in 2016 as Chief Financial Officer and has been instrumental in supporting the growth and funding of the Company during its evolution from a UK-based private research entity to a multinational pre-commercial organization now preparing multiple regulatory approval filings for sebetralstat as the first oral, on-demand therapy for HAE. His …read full bio
LANDMARK BANCORP INC (LARK)  Mkt Cap: $110.6M
1-Yr TSR: -2.2%
CEO Michael E Scheopner
10.2 yrs ; 8.2% TSR
Abigail M Wendel Ms. Wendel, age 50, has served in the banking industry for over 27 years. Since 2018, Ms. Wendel has been serving as President of Consumer Banking for UMB Bank, N.A. (“UMB”). UMB is a regional bank headquartered in Kansas City, Missouri, with over $44.0 billion in assets. Prior to her latest role at UMB, Ms. Wendel served as Senior Vice President and Director of Corporate Strategy, Gov…read full bio
MADRIGAL PHARMACEUTICALS INC (MDGL)  Mkt Cap: $5.1B
1-Yr TSR: -4.3%
CFO Alex G Howarth
2.8 yrs ; 23.5% 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
MASTERCRAFT BOAT HOLDINGS INC (MCFT)  Mkt Cap: $361.1M
1-Yr TSR: -38.6%
CEO Frederick A Brightbill
4.4 yrs ; 8.2% TSR
Brad Nelson Mr. Nelson, age 54, most recently served as Executive Vice President and President, Commercial Segment of Oshkosh Corporation (“Oshkosh”). Mr. Nelson joined Oshkosh in 2011, where, in addition to his most recent role, he held several titles of increasing responsibility, including Senior Vice President and President, Commercial Business Segment and Vice President, Global Marketing, JLG …read full bio
NMI HOLDINGS INC (NMIH)  Mkt Cap: $2.4B
1-Yr TSR: 23.1%
CFO Ravi Mallela
2.3 yrs ; 17.0% TSR
Aurora Swithenbank Ms. Swithenbank, age 48, previously served as Chief Financial Officer of Vantage Group Holdings Ltd., a Bermuda based specialty insurance and reinsurance group, where she led the organization of the company’s finance department as its first chief financial officer and which she joined in October 2020. Prior to joining Vantage Group Holdings Ltd., Ms. Swithenbank spent more than two decades a…read full bio
SARCOS TECHNOLOGY & ROBOTICS CORP (STRC)  Mkt Cap: $43.1M
1-Yr TSR: -50.9%
CFO Andrew Hamer
1.4 yrs ; -84.7% TSR
Trevor Thatcher   Mr. Thatcher, 38, has served as the Vice President, Corporate Controller of the Company since December 2021. Prior to joining the Company, Mr. Thatcher served in various roles at LifeVantage Corporation, a direct selling company, from October 2014 to December 2021 including as the Senior Vice President, Corporate Controller, Vice President Corporate Controller, and U.S. Controller. Mr. That…read full bio
SSR MINING INC (SSRM)  Mkt Cap: $870.6M
1-Yr TSR: -67.1%
CFO Alison Lynn White
3.1 yrs ; -31.3% TSR
Michael John Sparks As Chief Financial Officer, Mr. Sparks will assume full responsibility for the finance, enterprise risk, and information technology functions. With over a decade of dedicated service to the Company and a proven track record of strategic leadership, developing high performing purpose-driven teams, and delivering continuous improvements across the organization, Michael is well prepared to take on th…read full bio
UNITED NATURAL FOODS INC (UNFI)  Mkt Cap: $699.0M
1-Yr TSR: -71.3%
CFO John W Howard
4.7 yrs ; 11.0% 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
VAXART INC (VXRT)  Mkt Cap: $180.9M
1-Yr TSR: 42.7%
CEO Michael J Finney
.2 yrs *interim;
Steven Lo Mr. Lo, age 56, has over 25 years of experience in healthcare, biotechnology, and pharmaceutical industries, including over 12 years of C-level experience in publicly traded biotech companies. Prior to joining the Company, Mr. Lo served as Chief Executive Officer and a member of the board of directors of Valitor, Inc., a private biotech company, from August 2022 to March 2024. From October 2019 to…read full bio

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