Weekly Activism & Executive Moves Review (May 17)

Activism Snapshot

In a classic “we don’t really care what shareholders think” moment, the Ashford Hospitality (AHT) decided that it would NOT accept the resignations of directors Monty J. Bennett and Kaml Jafarnia after they failed to receive a majority of support at the shareholder meeting. This comes as Blackwells had voiced its displeasure with the board and performance, but decided against a formal proxy fight where it would nominate its own directors. Instead, Blackwells urged shareholders to vote against AHT’s nominees and Monty Bennett in particular as they believed the AHT chairman is “largely responsible for the overall lack of accountability at Ashford Trust given the Company’s persistent underperformance.” AHT is down over 99% over Mr. Bennett’s tenure so shareholders will certainly be confused by the board’s assertion that keeping him on was in the “best interests of the Company and its stockholders.”

Erez Asset Management failed to get either of its two director nominees onto the Whitestone REIT (WSR) board. All six company nominees were elected according to preliminary results. For those watching this one, it will be interesting to see the 5.07 with detailed results to see if Erez was able to make a dent or not.

Blackwells vs Braemar Hotels (BHR) continues to be feisty (as is often the case with Blackwells and Jason Aintabi) as BHT published posts to on X, Instagram and LinkedIn accusing Aintabi of using “petty litigation to hide inappropriate behavior”. The X post was seen less than 100 times, so while spicy, that tweet and similar likely didn’t make much of an impact.

Blackwells Capital’s Jason Aintabi has used petty litigation to hide inappropriate behavior. #ExpelBlackwells pic.twitter.com/3RLtL70Uw8

— Expel Blackwells (@ExpelBlackwells) May 16, 2024

Monday will see the Crown Castle (CCI) vs Boots Capital contest resolved as shareholders finally get their vote. Ted B. Miller, the leader behind Boots Capital, is also the ex-CEO of Crown Castle. In the final days the two Proxy Advisors offered differing views on the contest: ISS came out against Miller’s Boots Capital and Glass Lewis came out in support.

 

Latest Activism and Governance research from Boardroom Alpha:

• Weekly Activism & Executive Moves Review (May 10)
• Weekly Activism & Executive Moves Review (May 3)
• BIG Company Directors with LOW Shareholder Support
• CEO Pay: The $25 Million Plus Pay Club
• Despite Shareholders Losing Over 3 Years, CEO Pay is Up at These Companies
• 2024 Say-On-Pay Votes: 25 Companies Where Shareholders Are Unhappy

 

ACTIVISM UPDATE

LATEST COOPERATION AGREEMENTS

TARGET	1-Year TSR	ACTIVIST	SUMMARY	FILING	DATE	STOCK CHANGE	DAYS SINCE
PRESIDIO PROPERTY TRUST INC (SQFT)	10.6%	Zuma Capital Management	Zuma Capital Management withdraws its letter notifying Presidio of its intention to nominate directors Cooperation agreement in effect until 2026 annual shareholder meeting Board increased from 6 to 7 directors Elena Piliptchak added as a Class III Director with term expiring at 2026 meeting Elena Piliptchak to be placed on Nominating & Governance and one of the Audit, Compensation or new Strategy committees Zuma must maintain minimum of 3% ownership	View Filing	2024-05-09	6.3%	8
ALIGHT INC (ALIT)	-5.5%	Starboard Value	Increased board from 9 to 11 Appointed Dave Guilmette and Coretha Rushing Annual meeting to be held no later than July 26, 2024	View Filing	2024-05-06	-14.3%	11
APPLIED DIGITAL CORP (APLD)	7.2%	Oasis Management Co Ltd.	Appointed Ella Benson, an employee of Oasis, to the Company’s Board of Directors	View Filing	2024-05-01	35.3%	16
ZUORA INC (ZUO)	29.4%	SCALAR GAUGE MANAGEMENT, LLC	Appointed John D. Harkey, Jr. to the board	View Filing	2024-05-01	5.9%	16
TRIUMPH GROUP INC (TGI)	37.6%	Vision One Management Partners, LP	Including Courtney R. Mather for election as a director at the 2024 shareholder meeting Appointed Julio C. Acero, an Investment Analyst of Vision One, as a board advisor	View Filing	2024-05-01	10.7%	16

 

LATEST 13-D FILINGS

FILED	TICKER	COMPANY	FILED BY	OWNERSHIP	1-Year TSR	SUMMARY	FILING
2024-05-16	MDRX	VERADIGM INC	Kent Lake Capital LLC	5.0%	-59.0%	Kent Lake owns 5,385,000 shares purchased for approximately $41,945,020 Veradigm trading was suspended on NASDAQ since Feb 29, 2024 and is being officially delisted. It currently trades OTC.	2024-05-16 – SC 13D
2024-05-09	ABUS	ARBUTUS BIOPHARMA CORP	Whitefort Capital Management, LP	6.8%	12.9%	Believes the company should terminate their ATM program and explore all strategic options for the Issuer’s hepatitis B virus (HBV) portfolio.	2024-05-09 – SC 13D
2024-05-08	STKS	ONE GROUP HOSPITALITY INC	Hill Path Capital LP	8.2%	-19.5%	Investment agreement enables board representation and other rights.	2024-05-08 – SC 13D
2024-05-08	VSTS	VESTIS CORP	Corvex Management	12.6%		Corvex, led by Keith Meister, increased their position making them Vestis’s largest shareholder	2024-05-08 – SC 13D
2024-05-07	APLD	APPLIED DIGITAL CORP	Oasis Management Co Ltd.	5.8%	7.2%	Oasis entered into a cooperation agreement with Applied Digital. (see details above and cooperation agreement here).	2024-05-07 – SC 13D

 

RECENT PROXY CONTEST VOTING RESULTS

TICKER	COMPANY	MEETING DATE	RESULTS	ACTIVIST SITUATION SUMMARY
AHT	ASHFORD HOSPITALITY TRUST INC	May 14	Directors Bennett and Jafarnia did not receive enough votes to be elected Based on company policy each director provided their resignation The board decided not to accept their resignations The Board believes that Mr. Bennett’s strong leadership qualities and extensive experience with the company, and Mr. Jafarnia’s significant experience in the real estate industry and valuable service as a director, were crucial for the company. Therefore, the Board concluded that keeping them in their roles was in the best interests of the company and its stockholders. View the results and rationale here	Blackwell’s asking shareholders to vote against Monty J. Bennett, Amish Gupta, J. Robison Hays, III, Kamal Jafarnia, David W. Johnson, Frederick J. Kleisner, Sheri L. Pantermuehl, Davinder “Sonny” Sra and Alan L. Tallis Blackwell’s believes that Chair Monty Bennett is “largely responsible for the overall lack of accountability at Ashford Trust given the Company’s persistent underperformance” Blackwell’s is not proposing an alternative slate of directors|Because it is “uncontested” by definition, incumbent directors that do not receive the affirmative vote of a majority of shareholders must resign according to AHT policy
WSR	WHITESTONE REIT	May 14	All six Whitestone’s nominees have been re-elected to the Whitestone Board of Trustees View the press release announcing preliminary results	Erez nominating two directors: Bruce Schanzer and Catherine Clark Letter to Whitestone REIT and WSR response to Erez
EAF	GRAFTECH INTERNATIONAL LTD	May 09	The company’s nominees — Debra Fine and Anthony R Taccone — were elected Nilesh Undavia, the activist / nominee, only received 39% support from shareholders View the results here	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.
NSC	NORFOLK SOUTHERN CORP	May 09	10 NSC director nominees elected 3 Ancora nominees elected: William Clyburn, Jr; Sameh Fahmy; Gilbert Lamphere. NSC directors Amy E. Miles, Jennifer F. Scanlon, and John R. Thompson will no longer be on the board.	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.

 

 

LATEST PROXY CONTEST FILINGS

TICKER	COMPANY	MEETING DATE	LATEST PROXY	SUMMARY	TARGET FILINGS	ACTIVIST FILINGS
BHR	BRAEMAR HOTELS & RESORTS INC	Jul 30	2024-04-11 – PREC14A	Nominating four directors: Michael Cricenti, Jennifer M. Hill, Betsy L. McCoy and Steven J. Pully Proposal to remove “overreaching” advance notice bylaw provision Proposal to urge the Board to amend the Bylaws to preclude any current or former employee, director, officer, or control person of the Corporation or Ashford (as defined in the Proxy Statement) and Ashford’s affiliates from serving as the Corporation’s chairman of the Board Proposal to require the Board to disclose all extraordinary transaction proposals made by stockholders, affiliates and third parties during the two most recently completed calendar years and the terms of those proposed transactions Proposal to require the Board to disclose all compensation paid by the Corporation to members of the Bennett family, The Dallas Express and employees, directors or agents of The Dallas Express, including Louis Darrouzet	BRAEMAR HOTELS & RESORTS INC May 17 – DFAN14A May 16 – DEFA14A May 15 – DEFA14A May 15 – DEFA14A May 14 – DEFA14A May 06 – DEFA14A Apr 23 – DEFA14A Apr 11 – PREC14A Apr 11 – DEFA14A Apr 11 – DEFA14A	BLACKWELLS CAPITAL LLC May 16 – DFAN14A May 16 – DFAN14A May 13 – DFAN14A May 10 – DFAN14A May 09 – DFAN14A May 08 – DFAN14A May 07 – DFAN14A May 03 – DFAN14A May 03 – DFAN14A May 02 – DFAN14A
CCI	CROWN CASTLE INC	May 22	2024-04-11 – DEFC14A	Crown Castle Inc. is facing a proxy battle initiated by its co-founder, Ted B. Miller, and his investment vehicle. Ted B. Miller criticized the Board’s actions, asserting that they wasted shareholder resources during a period of significant value destruction. Boots Capital called for immediate change, advocating for new independent directors and a fresh start. Miller points to Crown Castle’s board rewriting its cooperation agreement with Elliott Management as an admission that the initial process was tainted. The rewritten agreement still did not require Elliott to maintain an equity position in the company. Miller has filed a lawsuit to invalidate Crown Castle’s cooperation agreement with Elliott.	CROWN CASTLE INC May 13 – DEFA14A May 13 – DEFA14A May 07 – DEFA14A May 03 – DEFA14A May 03 – DEFA14A Apr 25 – DEFA14A Apr 24 – DEFA14A Apr 22 – DEFA14A Apr 19 – DEFA14A Apr 19 – DEFA14A	BOOTS PARALLEL 1, LP May 16 – DFAN14A May 16 – DFAN14A May 14 – DFAN14A May 09 – DFAN14A May 07 – DFAN14A May 07 – DFAN14A May 06 – DFAN14A May 06 – DFAN14A May 01 – DFAN14A Apr 23 – DFAN14A
EHAB	ENHABIT INC	TBD		AREX Capital owns 4.8% of the shares of Enhabit (EHAB) AREX Capital believes EHAB strategic review should have resulted in a sale of the company. AREX Capital believes EHAB board lacks “Health and Hospice” expertise AREX nominating 7 directors to the board: Megan Ambers, James T. Corcoran, Maxine Hochhauser, Mark W. Ohlendorf, Anna-Gene O’Neal, Dr. Gregory S. Sheff, Juan Vallarino.	ENHABIT INC	AREX CAPITAL MANAGEMENT, LP May 09 – DFAN14A
GNK	GENCO SHIPPING & TRADING LTD	May 23	2024-04-17 – DEFC14A	GK Investor / George Economou has provided notice that it is nominating 2 directors: Randee Day and Robert M. Pons George Economou: “As a significant Genco shareholder, I strongly believe in the Company’s potential to deliver improved value for shareholders. Both Randee and Robert have highly relevant backgrounds that would, in my view, be additive in the boardroom and would help address Genco’s lagging performance. I believe the entire Board would benefit from their fresh perspectives and collective knowledge of the maritime and technology sectors and experience in finance, corporate strategy and governance.”	GENCO SHIPPING & TRADING LTD May 16 – DEFA14A May 14 – DEFA14A May 09 – DEFA14A May 08 – DEFA14A May 03 – DEFA14A May 02 – DEFA14A Apr 30 – DEFA14A Apr 29 – DEFA14A Apr 24 – DEFA14A Apr 22 – DEFA14A	GK INVESTOR LLC May 16 – DFAN14A Apr 18 – DFAN14A Apr 17 – DEFC14A Apr 15 – PRRN14A Apr 08 – PREC14A
MASI	MASIMO CORP	TBD		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 May 16 – DEFA14A May 13 – DEFA14A May 13 – DEFA14A May 09 – DEFA14A Apr 02 – DEFA14A Apr 01 – DEFA14A	POLITAN CAPITAL MANAGEMENT LP May 10 – DFAN14A Mar 25 – DFAN14A
MFIN	MEDALLION FINANCIAL CORP	Jun 11	2024-04-29 – DEFC14A	ZimCal looking to add Stephen Hodges and Judd Deppisch to the board ZimCal flags long-term underperformance with Medallion down 40% over the last 10 years and heightened near-term risk from subprime exposure ZimCal has published a site supporting its case at: https://restoretheshine.com/	MEDALLION FINANCIAL CORP May 13 – DEFA14A Apr 29 – DEFC14A Apr 18 – PREC14A	ZIMCAL ASSET MANAGEMENT, LLC May 16 – DFAN14A May 13 – DFAN14A May 13 – DFAN14A May 02 – DFAN14A Apr 26 – DFAN14A Apr 26 – DEFC14A Apr 24 – DFAN14A Apr 12 – DFAN14A Apr 11 – DFAN14A Apr 10 – PREC14A
MRC	MRC GLOBAL INC	TBD	2024-03-19 – PREC14A	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	MRC GLOBAL INC Apr 02 – DEFA14A Mar 19 – DEFA14A	ENGINE CAPITAL, L.P. Mar 19 – PREC14A Mar 19 – DFAN14A
NVAX	NOVAVAX INC	TBD	2024-05-06 – PREC14A	Shah Capital Management intends to vote against Novavax directors Richard H. Douglas, Margaret G. McGlynn, and David Mott Shah Capital Management believes that Novavax is undervalued and continues to suffer from poor profitability, despite the substantial value to be unlocked in the Company’s Matrix-M adjuvant platform and non-mRNA protein vaccine portfolio. Shah Capital Management met with management and the board multiple times over the course of 2023 and 2024, but believes Novavax has been unresponsive to their suggestions.	NOVAVAX INC Apr 29 – DEFA14A	SHAH CAPITAL MANAGEMENT May 13 – DFAN14A May 08 – DFAN14A May 07 – DFAN14A May 06 – PREC14A May 06 – DFAN14A
SBOW	SILVERBOW RESOURCES INC	May 21	2024-04-10 – DEFC14A	SilverBow Resources has rejected multiple offers, over the past two years, by Kimmeridge Energy Management — the latest offer valued SBW at $2.1 billion SilverBow believes the offer substantially undervalues the company Kimmeridge holds a 12.9% stake in SilverBow, along with Riposte Capital, the second-largest shareholder Kimmeridge is also attempting to get 3 directors onto the board SilverBow has rejected the three nominees citing concerns over their independence and representation of all shareholders’ interests	SILVERBOW RESOURCES INC May 13 – DEFA14A May 09 – DEFA14A May 06 – DEFA14A May 03 – DEFA14A May 02 – DEFA14A May 01 – DEFA14A May 01 – DEFA14A Apr 29 – DEFA14A Apr 22 – DEFA14A Apr 10 – DEFA14A	KIMMERIDGE ENERGY MANAGEMENT COMPANY, LLC May 13 – DFAN14A May 09 – DFAN14A May 07 – DFAN14A May 02 – DFAN14A Apr 29 – DFAN14A Apr 29 – DFAN14A Apr 29 – DFAN14A Apr 16 – DFAN14A Apr 11 – DFAN14A Apr 11 – DFAN14A
SLRX	SALARIUS PHARMACEUTICALS INC	TBD		Mismanagement and Poor Performance: The letter claims that Salarius Pharmaceuticals is mismanaged by its current Board and management, leading to a significant decline in shareholder value and underperformance of the company. Compensation Issues: The letter criticizes the Board for failing to establish a culture of accountability, highlighting excessive and poorly justified salary increases and stock option grants to executives despite the company’s poor performance and declining stock price. Misaligned Incentives: The author points out that the Board members and executives hold a minimal percentage of the company’s shares and have not made open market purchases, indicating a lack of alignment with shareholder interests. Questionable Decisions and Lack of Transparency: The letter accuses the Board of engaging in “curious compensation practices” and “disclosure diffusion,” making it difficult for shareholders to get a clear understanding of executive compensation and undermining informed voting. Call for Change: The activist argues for the need for new Board members with fresh perspectives and better alignment with shareholder interests, expressing a lack of confidence in the current Board’s ability to improve the company’s performance and accountability.	SALARIUS PHARMACEUTICALS INC Mar 26 – DEFA14A	Mar 20 – DFAN14A
SPRU	SPRUCE POWER HOLDING CORP	TBD	2024-04-17 – PREC14A	Clayton Partners, JSCC Family Trust, and Jason Stankowski are contesting the proxy Clayton is nominating Jason Stankowski and Clara Nagy McBane to the board Clayton believes the company is not being managed to the benefit of its shareholders — believes “Spruce is, at worst, a break-even business and has significant opportunities for positive cash flow generation going forward” Clayton disagrees with the company not buying back any stock despite trading at a 25% discount to the estimated value of the stock	SPRUCE POWER HOLDING CORP	CLAYTON PARTNERS LLC Apr 18 – DFAN14A Apr 17 – PREC14A
WT	WISDOMTREE INC	Jun 12	2024-05-03 – DEFC14A	ETFS Capital owns approximately 10% of Wisdom Tree (WT) and believes “immediate action to unlock significant value for all stockholders and halt further value destruction.” Puts a focus on WT’s strategy of transitioning to a decentralized finance (DeFi) business and believes that it resulted in poor management of the core, profitable ETF business. Believes the company’s true value lies in its ETF business, which suffers from poor profitability despite record assets under management. Believes its attempts to be collaborative have been met with ” a public and bafflingly hostile response.” Seeking	WISDOMTREE INC May 13 – DEFA14A May 06 – DEFA14A Apr 30 – DEFA14A Apr 29 – DEFC14A Apr 29 – DEFA14A Apr 29 – DEFA14A Apr 19 – PREC14A	ETFS CAPITAL LIMITED May 14 – DFAN14A May 06 – DFAN14A May 03 – DFAN14A May 03 – DEFC14A Apr 30 – PRRN14A Apr 18 – DFAN14A Apr 17 – PREC14A
XPER	XPERI INC	May 24	2024-04-17 – DEFC14A	Rubric Capital opposes 2 of the 5 directors up for re-election: Deborah S. Conrad and Thomas A. Lacey Rubric filed their first 13 D on January 23, 2024 Rubric sent XPER board a letter on January 22, 2024 nominating their directors Xperi began trading as a separate company on Oct 1, 2022 after spinning out of Xperi Holding (no named Adeia Inc) Xperi is down nearly 30% since the spin-off Xperi has an elevated Boadroom Alpha Activist Vulnerability Score and C- average board rating CEO Kirchner was paid $9.9M in 2022 despite the significant shareholder losses Xperi powers the next generation of smart devices, automobiles and entertainment experiences of all kinds	XPERI INC May 17 – DEFA14A May 15 – DEFA14A May 13 – DEFA14A May 07 – DEFA14A May 02 – DEFA14A Apr 30 – DEFA14A Apr 17 – DEFC14A Apr 17 – DEFA14A Mar 25 – PREC14A	RUBRIC CAPITAL MANAGEMENT LP May 16 – DFAN14A May 08 – DFAN14A May 03 – DFAN14A May 01 – DFAN14A Apr 30 – DFAN14A Apr 29 – DFAN14A Apr 17 – DFAN14A Apr 17 – DEFC14A Apr 02 – PRRN14A Mar 26 – PRRN14A

 

 

CEO & CFO MOVES

All the latest CEO & CFO executive moves from the last week.

COMPANY	MARKET CAP / TSR	ROLE	LEAVING	JOINING	JOINER BIOGRAPHY
ATAI LIFE SCIENCES NV (ATAI)	Mkt Cap: $311.4M 1-Yr TSR: -7.0%	CEO	Florian Brand 6.5 yrs ; -53.6% TSR	Srinivas Rao	Srinivas Rao, M.D., Ph.D., 55, is the Company’s co-founder and has served as the Company’s Chief Scientific Officer since April 2019. Prior to joining us, Dr. Rao was the Chief Medical Officer at Axial Biotherapeutics, Inc. from August 2017 to March 2019 and the Chief Medical Officer at Depomed, Inc. from July 2014 to July 2017. Prior to that, he served as Executive Vice Presiden…read full bio
ATLAS ENERGY SOLUTIONS INC (AESI)	Mkt Cap: $2.5B 1-Yr TSR: 33.8%	CFO	John Turner 7.1 yrs ; 33.7% TSR	Blake McCarthy	Mr. McCarthy, age 39, is a seasoned executive with more than 15 years of experience serving in various oil and gas finance, investing and public company roles. Prior to joining the Company, Mr. McCarthy has spent seven years serving in various operational and financial roles at NOV, Inc., most recently as President of NOV Grant Prideco and Vice President of Corporate Development and Investor Relat…read full bio
BERKSHIRE HILLS BANCORP INC (BHLB)	Mkt Cap: $1.0B 1-Yr TSR: 24.1%	CFO	R David Rosato 1.3 yrs ; -17.3% TSR	Brett Brbovic	Mr. Brbovic first joined the Company and Berkshire Bank from KPMG LLP in 2012 as Vice President and Controller and has served as Senior Vice President and Chief Accounting Officer since 2015….read full bio
BOLT BIOTHERAPEUTICS INC (BOLT)	Mkt Cap: $31.5M 1-Yr TSR: -57.7%	CEO	Randall C Schatzman 3.3 yrs ; -64.3% TSR	William P Quinn	William P. Quinn has served as our Chief Financial Officer since May 2020. From November 2017 to May 2020, Mr. Quinn served as Chief Financial Officer and Senior Vice President, Finance and Corporate Development, of Sunesis Pharmaceuticals, Inc. (acquired by Viracta Therapeutics, Inc.), a biopharmaceutical company. From 2011 to November 2017, Mr. Quinn served as President and Chief Executive Offic…read full bio
BOSTON OMAHA CORP (BOC)	Mkt Cap: $433.8M 1-Yr TSR: -29.9%	CEO	Alex B Rozek 9.3 yrs ; .1% TSR	TBD	TBD
BRIXMOR PROPERTY GROUP INC (BRX)	Mkt Cap: $6.7B 1-Yr TSR: 11.9%	CEO	Brian T Finnegan .1 yrs *interim;	James M Taylor Jr	James M. Taylor Jr Age 55 Director since 2016 Mr. Taylor has served as our Chief Executive Officer and President since May 2016 and as a director since June 2016. Mr. Taylor has more than 25 years of experience in the commercial real estate industry. From 2012 until joining Brixmor, he was Executive Vice President – Chief Financial Officer and Treasurer for Federal Realty Investment Trust, a r…read full bio
CERENCE INC (CRNC)	Mkt Cap: $204.3M 1-Yr TSR: -79.8%	CFO	Daniel David Tempesta .2 yrs	Stefan Ortmanns (interim)	Ms. Roman, age 42, has served as the Company’s Vice President and Corporate Controller since July 2021, and from October 2019 to June 2021, she served as Assistant Controller of the Company. Prior to the spin-off of the Company from Nuance Communications, Inc. (“Nuance”), Ms. Roman worked in a series of roles with increasing responsibility in the finance…read full bio
CIRRUS LOGIC INC (CRUS)	Mkt Cap: $6.1B 1-Yr TSR: 40.2%	CFO	Venkatesh Nathamuni 2.1 yrs	Ulf Habermann	Mr. Habermann, age 48, joined the Company in February 2002 as its Financial Analyst and, since then, has served in various other roles in the Company’s financial organization. Prior to being named Controller, Treasurer and Vice President of Finance in September 2021, Mr. Habermann served as Vice President FP&A, Corporate Procurement, and Facilities. No new compensatory arrangements have b…read full bio
CUE HEALTH INC (HLTH)	Mkt Cap: $18.7M 1-Yr TSR: -81.7%	CFO	Aasim Javed 1.2 yrs ; -89.8% TSR	Randall E Pollard	Randall E. Pollard Mr. Pollard has served as our Chief Accounting Officer and Controller since April 2022. Prior to joining our company, Mr. Pollard served as Senior Vice President of Finance and Chief Accounting Officer at Covis Pharmaceuticals, Inc. from November 2020 to April 2022. He previously served in various roles at Akorn, Inc. from June 2015 to November 2020, including as Senior Vice Pre…read full bio
DIEBOLD NIXDORF INC (DBD)	Mkt Cap: $1.6B 1-Yr TSR: %	CFO	James Barna 1.3 yrs ; 82.3% TSR	Thomas S Timko	Mr. Timko, age 55, previously served as Vice President, Chief Accounting Officer and Controller of General Electric Company (“GE”), a multinational conglomerate, since September 2018. Prior to joining GE, Mr. Timko served as Vice President, Chief Accounting Officer and Controller of General Motors Company (“GM”), a multinational automotive manufacturing company, f…read full bio
EXACT SCIENCES CORP (EXAS)	Mkt Cap: $9.6B 1-Yr TSR: -35.8%	CFO	Jeffrey Thomas Elliott 7.5 yrs ; 16.5% TSR	Aaron Bloomer	Aaron Bloomer Aaron Bloomer , age 38, has served as Executive Vice President, Finance since April 15, 2024, and will succeed Jeffrey Elliott as our Chief Financial Officer following a 30-day transition period. Prior to joining Exact Sciences, Mr. Bloomer previously served as the Vice President, Corporate Financial Planning, Reporting, and Analytics for Baxter International Inc. (NYSE: BAX), where…read full bio
EXPEDIA GROUP INC (EXPE)	Mkt Cap: $15.1B 1-Yr TSR: 23.0%	CEO	Peter M Kern 4.1 yrs ; 15.1% TSR	Ariane Gorin	Ms. Gorin has held executive leadership roles at Expedia Group for over 10 years, most recently serving as President of Expedia for Business since 2021. In this role, Ms. Gorin led Expedia Group’s global B2B business covering an ecosystem of travel suppliers, organizations that advertise on the Expedia Group platform, and partners that are powered by Expedia Group technology. Prior to 2021, …read full bio
FRANKLIN ELECTRIC CO INC (FELE)	Mkt Cap: $4.6B 1-Yr TSR: 9.7%	CEO	C Sengstack Gregg 10.4 yrs ; 9.8% TSR	Joseph A Ruzynski	Mr. Ruzynski, age 49, joins Franklin Electric from nVent Electric plc (NYSE: NVT), a global leader in electrical connection and protection solutions, where he served as President of the Enclosures Segment since 2018. Prior to that, he held various leadership roles at Pentair plc, a global water technology company, including President of Technical Solutions and President of Flow and Filtration Solu…read full bio
HUMANA INC (HUM)	Mkt Cap: $42.8B 1-Yr TSR: -31.5%	CEO	Bruce D Broussard 11.5 yrs ; 15.7% TSR	James A. Rechtin	Prior to Humana, Rechtin was with Envision Healthcare where he served as President and CEO. He has more than 22 years of healthcare experience with a focus on the delivery of value-based care in various medical group settings, including a deep understanding of Medicare Advantage. Before joining Envision, Rechtin served as President of OptumCare, part of UnitedHealth Group. He also worked at DaVita…read full bio
INVESTCORP CREDIT MANAGEMENT BDC INC (ICMB)	Mkt Cap: $46.7M 1-Yr TSR: 14.9%	CEO	Michael Mauer 10.3 yrs ; -1.7% TSR	Suhail A Shaikh	Mr. Shaikh, 56, has served as the Co-Chief Investment Officer of CM Investment Partners LLC, the Company’s investment adviser, since January 2023 and as President of the Company since February 2023. Mr. Shaikh has served as a member of the Board since September 2023. Prior to joining Investcorp, Mr. Shaikh served as the Head of U.S. Private Credit for Alcentra Group….read full bio
LOGITECH INTERNATIONAL SA (LOGI)	Mkt Cap: $13.8B 1-Yr TSR: 42.1%	CFO	Charles D Boynton 1.3 yrs ; 27.7% TSR	TBD	TBD
MALIBU BOATS INC (MBUU)	Mkt Cap: $701.3M 1-Yr TSR: -37.6%	CEO	Jackie D Springer Jr 14.3 yrs ; 6.6% TSR	TBD	TBD
MITEK SYSTEMS INC (MITK)	Mkt Cap: $648.5M 1-Yr TSR: 46.5%	CEO	Max Carnecchia 5.5 yrs ; 9.6% TSR	Scott R Carter (interim)	Scott Carter, age 54, has served as a director since March 2022, as the Company’s Executive Chair from January 2023 through December 1, 2023. From September 2014 to July 2018 he served as the Chief Executive Officer and previously Chief Operating Officer of ID Analytics, now LexisNexis, a provider of risk management solutions offering credit risk, consumer protection, risk identification, fr…read full bio
MOBILE INFRASTRUCTURE CORP (BEEP)	Mkt Cap: $108.0M 1-Yr TSR: -65.1%	CFO	Stephanie Hogue 2.5 yrs *interim; ; -33.0% TSR	Paul M Gohr	From 2014 to 2023, Mr. Gohr served as Chief Accounting Officer and Vice President of Corporate Finance of CECO Environmental Corp. (NASDAQ: CECO), a leading environmentally focused, diversified industrial company whose solutions protect people, the environment, and industrial equipment across the globe. In this role, Mr. Gohr lead several corporate functions including finance, accounting, treasury…read full bio
MPLX LP (MPLX)	Mkt Cap: $41.1B 1-Yr TSR: 30.2%	CEO	Michael J Hennigan 4.8 yrs ; 22.3% TSR	Maryann T Mannen	Ms. Mannen, 61, has served as the President of Marathon Petroleum Corporation, the indirect owner of MPLX GP and indirect holder of a majority of the Partnership’s outstanding common units (“MPC”), since January 1, 2024, having previously served as Executive Vice President and Chief Financial Officer of MPC since January 25, 2021. Effective August 1, 2024, she has been appointed …read full bio
NORTHROP GRUMMAN CORP (NOC)	Mkt Cap: $69.7B 1-Yr TSR: 8.9%	CFO	David F Keffer 4.7 yrs ; 7.2% TSR	Kenneth B. Crews	Mr. Crews joined Northrop Grumman in 2004. Effective July 1, 2024, he will serve as Vice President, Corporate Finance until he assumes the role of Corporate Vice President and Chief Financial Officer. Mr. Crews currently serves as Vice President and Chief Financial Officer, Space Systems Sector, a position he has held since 2023. From 2021 to 2023, Mr. Crews was the Vice President and Chief Financ…read full bio
O-I GLASS INC (OI)	Mkt Cap: $2.1B 1-Yr TSR: -35.1%	CEO	Andres Alberto Lopez 8.3 yrs ; -2.5% TSR	Gordon Hardie	Gordon J. Hardie Age: 60 Director Since: 2015 Mr. Hardie’s extensive business leadership skills, his global business experience, and broad food and spirits industry knowledge qualify him to serve on the Company’s Board. Mr. Hardie has been selected to serve as the Company’s President and CEO, effective on the later of the conclusion of the Annual Meeting or the date Mr. Hardie is issued his work…read full bio
REKOR SYSTEMS INC (REKR)	Mkt Cap: $117.8M 1-Yr TSR: 14.0%	CEO	Robert Alan Berman 8.2 yrs ; -6.6% TSR	David Philip Desharnais	Mr. Desharnais, 52, has served as the Company’s President and Chief Operating Officer since September 30, 2022, and as President since joining the Company on January 3, 2022. Mr. Desharnais has over two decades of experience leading growth strategies for technology driven businesses from start-ups to multinational corporations and across multiple industries. Prior to joining the Company in J…read full bio
ROCKY MOUNTAIN CHOCOLATE FACTORY INC (RMCF)	Mkt Cap: $20.3M 1-Yr TSR: -41.5%	CEO	Starlette B Johnson .3 yrs *interim;	Jeffrey Richart Geygan (interim)	Mr. Geygan has served as a member of the Board since August 2021 and as Chair of the Board since June 2022. Mr Geygan has served as a director of Climb Global Solutions, Inc. (Nasdaq: CLMB) since February 2018, and as Chair of the Board since May 2018. Mr. Geygan has served as the Chief Executive Officer and President of Global Value Investment Corp., and investment research and advisory services …read full bio
ROCKY MOUNTAIN CHOCOLATE FACTORY INC (RMCF)	Mkt Cap: $20.3M 1-Yr TSR: -41.5%	CFO	A Allen Arroyo 1.8 yrs ; -30.5% TSR	TBD	TBD
SAIA INC (SAIA)	Mkt Cap: $10.8B 1-Yr TSR: 47.5%	CFO	Douglas L Col 4.3 yrs ; 43.2% TSR	Matthew Batteh	Mr. Batteh has been with Saia since 2015, most recently serving as Vice President of Finance since 2023. Prior to that, he served as Saia’s Vice President, Pricing and Analytics from 2020 to 2023 after serving in a variety of pricing and financial analysis roles. Before joining Saia, Mr. Batteh started his career at a large transportation and logistics provider in planning, pricing an…read full bio
SANARA MEDTECH INC (SMTI)	Mkt Cap: $273.4M 1-Yr TSR: -25.5%	CEO	Zachary B Fleming 2.3 yrs ; 7.1% TSR	Ronald T Nixon	Mr. Nixon, age 68, has been a director of the Company since March 2019 and has served as Executive Chairman of the Board since May 2019. As Executive Chairman, Mr. Nixon has been involved in strategic planning, execution and identifying prospective partnerships and acquisition opportunities for the Company. Mr. Nixon is the Founder and Managing Partner of The Catalyst Group, Inc. (“Catalyst&…read full bio
SAVERS VALUE VILLAGE INC (SVV)	Mkt Cap: $2.2B 1-Yr TSR: %	CFO	Jay Stasz 1.5 yrs ; -30.4% TSR	Michael W Maher	Mr. Maher, age 50, is a seasoned finance leader, bringing to the Company over 25 years of experience in the retail and consumer sectors. Most recently, Mr. Maher served as Interim Chief Financial Officer at Nordstrom, Inc. from December 2022 to May 2023. Mr. Maher spent over 13 years in various senior finance roles at Nordstrom, including Senior Vice President, Finance and Vice President, Finance …read full bio
SCHWAB CHARLES CORP (SCHW)	Mkt Cap: $142.7B 1-Yr TSR: 55.6%	CFO	Peter B Crawford 7.0 yrs ; 11.0% TSR	Michael Verdeschi	He was most recently Treasurer of Citigroup, where he spent over 30 years. During his tenure at Citigroup, Verdeschi held leadership positions in finance, treasury, and product with increasing levels of responsibility at the firm, including previously serving as Treasurer, Chief Investment Officer and Head of Rates Portfolio Management. He holds a Bachelor of Business Administration and a Master o…read full bio
SILICON LABORATORIES INC (SLAB)	Mkt Cap: $4.2B 1-Yr TSR: -4.5%	CFO	Mark D Mauldin .3 yrs *interim;	Dean Butler	Mr. Butler, age 41, joins Silicon Labs from Synaptics Incorporated, where he has served as Senior Vice President and Chief Financial Officer since October 2019. Prior to joining Synaptics, Mr. Butler served as Vice President of Finance at Marvell Technology, Inc. from July 2016 to October 2019, served as Controller of the Ethernet Switching Division at Broadcom, …read full bio
SMART GLOBAL HOLDINGS INC (SGH)	Mkt Cap: $1.0B 1-Yr TSR: 16.8%	CFO	Ken Rizvi 3.3 yrs ; -1.4% TSR	Jack A Pacheco (interim)	Jack Pacheco 63 Executive Vice President and Chief Operating Officer, SGH and President, Memory Solutions …read full bio
SPECTAIRE HOLDINGS INC (SPEC)	Mkt Cap: $9.9M 1-Yr TSR: -95.1%	CFO	Leonardo Fernandes .6 yrs ; -94.7% TSR	TBD	TBD
STERLING INFRASTRUCTURE INC (STRL)	Mkt Cap: $4.0B 1-Yr TSR: 202.1%	CFO	Ronald A Ballschmiede 8.5 yrs ; 46.4% TSR	Sharon Villaverde	From 2018 until joining the Company, Ms. Villaverde served as Vice President and CAO at Dycom Industries, Inc. Prior to that, she served as Vice President of Finance at Natus Medical Incorporated and in accounting and financial management roles at Lockheed Martin Corporation and Alcon Inc. Ms. Villaverde began her career as an accountant at Deloitte & Touche after earning a Bachelor of Science…read full bio
SUNCOKE ENERGY INC (SXC)	Mkt Cap: $887.8M 1-Yr TSR: 46.1%	CEO	Michael G Rippey 6.4 yrs ; 2.3% TSR	Katherine T Gates	Katherine T. Gates AGE : 48 DIRECTOR SINCE 2023 BOARD COMMITTEES * None BUSINESS EXPERIENCE Ms. Gates was elected President of SunCoke Energy, Inc., and was appointed as a director on SunCoke’s Board of Directors, effective January 1, 2023. Prior to that, she was Senior Vice President, Chief Legal Officer and Chief Human Resource Officer since November 2019. Ms. Gates served as Senior Vice Preside…read full bio
SYNAPTICS INC (SYNA)	Mkt Cap: $3.7B 1-Yr TSR: 21.4%	CFO	Michael E Hurlston .4 yrs *interim;	Ken Rizvi	Mr. Rizvi, 49, has served as Senior Vice President and Chief Financial Officer of SMART Global Holdings, Inc., a diversified business focused on providing high-performance, high-availability solutions to enterprise customers, since February 2021. Prior to joining SMART Global Holdings, Mr. Rizvi served as Senior Vice President and Chief financial Officer of UTAC Holdings Ltd., a global s…read full bio
UNITY SOFTWARE INC (U)	Mkt Cap: $8.6B 1-Yr TSR: -26.4%	CEO	James M Whitehurst .6 yrs *interim; ; -32.3% TSR	Matthew S Bromberg	Mr. Bromberg is currently a Senior Advisor to Blackstone, a global alternative asset manager, a role he has held since March 2022. He also serves on the board of directors of Bumble Inc., a public technology company where he has been on the board since July 2020; Monzo, a privately held, U.K.-chartered bank; and Blast, a privately held esports company. From 2018 to 2021, he served on the board of …read full bio
V2X INC (VVX)	Mkt Cap: $1.5B 1-Yr TSR: 10.0%	CEO	Charles Prow 7.5 yrs ; 12.4% TSR	Jeremy C Wensinger	Prior to joining the Company, Mr. Wensinger, age 60, served as the Chief Operating Officer of Peraton, Inc., a leading provider of national security solutions and services, since 2017. Prior to joining Peraton, Mr. Wensinger served as a principal at Augusta Management Strategies, as president of the National Security Solutions business of PAE Government Services, Inc., chief operating officer of G…read full bio
VIRACTA THERAPEUTICS INC (VIRX)	Mkt Cap: $31.8M 1-Yr TSR: -38.2%	CFO	Melody Burcar .2 yrs *interim;	Michael E Faerm	Mr. Faerm most recently served as Interim Chief Financial Officer at Harpoon Therapeutics, Inc., which was acquired by Merck for approximately $680 million, and where he helped lead a $150 million PIPE financing. Prior to Harpoon, Mr. Faerm was the Chief Financial Officer of Artiva Biotherapeutics, Inc., where he led financial strategy and operations, and oversaw the company’s investor relat…read full bio
VROOM INC (VRM)	Mkt Cap: $21.1M 1-Yr TSR: -81.5%	CFO	Robert R Krakowiak 2.7 yrs ; -85.6% TSR	Agnieszka Zakowicz	Agnieszka Zakowicz, 52, has served as Senior Vice President and principal accounting officer of Vroom since June 2022. Prior to that she served as the Company’s Vice President of SEC Reporting and Accounting Policy since August 2020, where she was responsible for financial reporting, technical accounting and SOX compliance. Previously, Ms. Zakowicz served as Senior Director of Accounting Pol…read full bio
XPONENTIAL FITNESS INC (XPOF)	Mkt Cap: $431.2M 1-Yr TSR: -69.5%	CEO	Anthony Geisler 2.8 yrs ; -.6% TSR	Brenda I Morris (interim)	Ms. Morris has served on Xponential’s board of directors since May 2019. She has over 35 years of experience in finance, accounting and operations roles concentrated in consumer products, food and beverage, retail and wholesale sectors. Ms. Morris is a Partner at CSuite Financial Partners, an executive services firm, which she joined in November 2015. As a Partner at CSuite, Ms. Morris has…read full bio
ZAPATA COMPUTING HOLDINGS INC (ZPTA)	Mkt Cap: $29.7M 1-Yr TSR: -91.2%	CFO	Mimi Flanagan .1 yrs	Sumit Kumar	Mr. Kapur, age 48, served as the chief financial officer of 3Degrees Inc., a financial services and technology company in the energy sector, from May 2012 to January 2024. Mr. Kapur previously served as vice president – structured finance, of Sungevity, a solar electricity company, from May 2010 to September 2011, investment analyst at Stark Investments, an investment management fi…read full bio