Weekly Activism & Executive Moves Review (May 24)

by | May 24, 2024

Activism Snapshot

It was a busy week of activist situation resolutions with three active situations winding up with shareholder votes and one ending as the target opted for a sale. Silverbow Resources (SBOW) had been fighting against Kimmeridge after having rejected multiple acquisition offers. Silverbow finally decided to exit, but chose to sell to Crescent Energy. Given the exit, Kimmeridge withdrew it’s nominations and will no longer contest at the shareholder meeting on May 29 (adjourned from May 21st).

Xperi Inc (XPER), Genco Shipping & Trading (GNK), and Crown Castle (CCI) are all claiming big wins against their activist antagonists. We don’t have official results for Crown Castle (CCI) or Xperi (XPER) yet, so we’ll have to trust their press release spin for now. We do know the specifics of the Genco Shipping & Trading (GNK) vote though, the company did manage to get director support at 87% or higher across the board which is laudable in a contested situation. They included their Say-on-Pay vote results with 87% support as part of that “decisive win.”

The Crown Castle (CCI) vote results will be interesting to see when available in the 8-K filing. Recall that it was a split decision by the duopoly proxy advisors with ISS coming out in support of CCI and Glass Lewis came out in support of Ted Miller’s Boots Capital. Obviously there is more to it than the recommendation, but tracking the ability of the advisors to influence the votes is also an important consideration for future fights.

Braemar Hotels & Resorts (BHR) has launched a dedicated site, www.ExpelBlackwells.com, to promote its case against Blackwells. Their media push also includes X (legacy Twitter), LinkedIn, and Instagram. Based on a quick review of their 3,335 Instagram followers, I’m pretty sure that audience will not be swaying this particular contest. As it turns out, Blackwells CIO Jason Aintabi and team had already cited BHR’s Instagram followers in their May 20th press release that suggests BHR bought 3,000 fake followers as part of “Monty Bennett’s Buffoonery.”

For its part, Medallion Financial (MFIN) also launched a website, votemedallion.com, but it isn’t nearly as colorful as BHR’s. It also doesn’t seem to have an Instagram in support either.

In an attempt to head AREX Capital Management off at the pass, Enhabit (EHAB) published their preliminary proxy and additional details on its strategic review process and outcomes. Enhabit used Goldman Sachs, and Sidley Austin to engage potential counterparties. The process lasted 9 months and engaged 38 parties. Those initial 38 were whittled down to 26 that signed NDAs, to 4 that provided indications of interest, and finally to 0 that submitted formal offers. EHAB cites headwinds that impacted the process, but AREX likely won’t be mollified. For those that may not recall, Enhabit already has 2 directors on the board (Stuart McGuigan and Barry Schochet) that serve as part of a March 2023 cooperation agreement with Cruiser Capital and Harbour Point Capital. The board is currently too big with 13 directors, but 4 will be rolling off (if it goes according to EHAB’s plan) at the shareholder meeting, which will result in a 9 person board.

The Masimo (MASI) vs. Politan contest continues to simmer. Masimo founder, chair, and CEO John Kiani was on CNBC’s “Closing Bell: Overtime” to discuss it with Jon Fortt.

WisdomTree (WT) posted a 23-page investor presentation to make its case for the board and management. They include the company’s take on their engagement with ETFS Capital over the years — since 2018 there have been 40+ calls and meetings — and their take that ETFS Capital isn’t seeing the industry trends correctly.

Latest Activism and Governance research from Boardroom Alpha:

ACTIVISM UPDATE

LATEST COOPERATION AGREEMENTS

No new Cooperation Agreements in the past week.

LATEST 13-D FILINGS

FILED TICKER COMPANY FILED BY OWNERSHIP 1-Year TSR SUMMARY FILING
2024-05-23 HLGN HELIOGEN INC Galloway Capital Partners, LLC 6.4% -95.5% Galloway sent a letter on May 23, 2024 to Julie Kane (Chairperson) and Christiana Obiaya (CEO) of Heliogen. It started with:

“We have been shareholders of Heliogen, Inc. (the “Company” or “Heliogen”) for almost a year. We are quite disappointed with the performance of the Company’s common stock, which is -99.9% in the past year.”

2024-05-23 – SC 13D
2024-05-22 ATRA ATARA BIOTHERAPEUTICS INC Adiumentum Capital Fund I LP 6.7% -69.0%
  • Adiumentum owns approximately $5.6M of ATRA stock and intends to engage with management
2024-05-22 – SC 13D
2024-05-21 BHR BRAEMAR HOTELS & RESORTS INC Al Shams Investments LTD, Said Wafic Rida 9.8% -26.9%
  • Had originally filed a 13-G (i.e. passive), but have since decided to engage management on potential ways to increase shareholder value
2024-05-21 – SC 13D, 2024-05-21 – SC 13D
2024-05-21 BZFD BUZZFEED INC Vivek Ramaswamy 7.7% 3.4%
  • Investors were excited to see Ramaswamy’s activist push into Buzzfeed as the stock jumped more than 50% in pre-market trading
  • Plans to discuss “numerous operational and strategic opportunities to maximize shareholder value, including a shift in the Company’s strategy” with the board/management.
2024-05-21 – SCHEDULE 13D

 

RECENT PROXY CONTEST RESOLUTIONS

TICKER COMPANY MEETING DATE RESULTS ACTIVIST SITUATION SUMMARY
SBOW SILVERBOW RESOURCES INC May 29 (adjourned from May 21)
  • On May 22, 2024 Kimmeridge withdrew its nominees in light of the Silverbow’s pending sale to Crescent Energy
  • Ben Dell, Co-Founder and Managing Partner of Kimmeridge, said, “While we are disappointed that SilverBow’s Board does not appear to have run a comprehensive sales process, our campaign was always underpinned by a strong belief that consolidation is in the best interests of shareholders.”
  • Read SilverBow’s sale announcement here
  • 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
  • May 21st meeting was adjourned to “allow additional time for recent developments to be considered by shareholders”
  • Shareholder meeting will reconvene on May 29th, 2024
XPER XPERI INC May 24
  • 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
GNK GENCO SHIPPING & TRADING LTD May 23
  • All Genco directors were elected with over 85% support
  • Say-on-Pay received 87% support
  • Genco said: “We believe that the decisive results of this meeting reflect our shareholders’ confidence in Genco’s Board of Directors and management team and our Comprehensive Value Strategy.”
  • Full voting results: 8-K 5.07
  • 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.”
CCI CROWN CASTLE INC May 22
  • Crown Castle (CCI) announced via press release that all 12 of the company’s nominees were elected to the the board.
  • There was no mention of vote counts, so we’ll need to wait for the official 8-K 5.07 to be filed.
  • 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.

 

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 23 – DEFA14A
May 22 – DEFA14A
May 22 – DEFA14A
May 21 – DEFA14A
May 20 – DEFA14A
May 17 – DEFA14A
May 16 – DEFA14A
May 15 – DEFA14A
May 15 – DEFA14A
May 14 – DEFA14A
BLACKWELLS CAPITAL LLC
May 20 – DFAN14A
May 17 – DFAN14A
May 16 – DFAN14A
May 16 – DFAN14A
May 13 – DFAN14A
May 10 – DFAN14A
May 09 – DFAN14A
May 08 – DFAN14A
May 07 – DFAN14A
May 03 – DFAN14A
EHAB ENHABIT INC TBD 2024-05-23 – PREC14A
  • 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
May 23 – PREC14A
May 23 – DEFA14A
AREX CAPITAL MANAGEMENT, LP
May 09 – DFAN14A
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 20 – DEFA14A
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
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 22 – DEFA14A
May 21 – DEFA14A
May 20 – DEFA14A
May 13 – DEFA14A
Apr 29 – DEFC14A
Apr 18 – PREC14A
ZIMCAL ASSET MANAGEMENT, LLC
May 21 – DFAN14A
May 21 – DFAN14A
May 16 – DFAN14A
May 13 – DFAN14A
May 13 – DFAN14A
May 02 – DFAN14A
Apr 26 – DFAN14A
Apr 26 – DEFC14A
Apr 24 – DFAN14A
Apr 12 – DFAN14A
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
ENGINE CAPITAL, L.P.
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 20 – DFAN14A
May 13 – DFAN14A
May 08 – DFAN14A
May 07 – DFAN14A
May 06 – PREC14A
May 06 – 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
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 23 – DEFA14A
May 23 – DEFA14A
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 21 – DFAN14A
May 14 – DFAN14A
May 06 – DFAN14A
May 03 – DFAN14A
May 03 – DEFC14A
Apr 30 – PRRN14A
Apr 18 – DFAN14A
Apr 17 – PREC14A

 

CEO & CFO MOVES

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

COMPANY MARKET CAP / TSR ROLE LEAVING JOINING JOINER BIOGRAPHY
ADAPTHEALTH CORP (AHCO)  Mkt Cap: $1.3B
1-Yr TSR: -15.3%
CEO Richard A Barasch
.9 yrs *interim; ; -10.9% TSR
Suzanne Foster Since 2022, Ms. Foster has served as the president of Beckman Coulter Life Sciences for Danaher Corporation (“Danaher”), a global science and technology innovation company. Prior to Danaher, Ms. Foster served as president of At Home Solutions for Cardinal Health, Dublin Ohio, a global, integrated healthcare services and products company, from January 2020 until April&nbs…read full bio
BRIXMOR PROPERTY GROUP INC (BRX)  Mkt Cap: $6.7B
1-Yr TSR: 11.6%
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
CERVOMED INC (CRVO)  Mkt Cap: $162.9M
1-Yr TSR: 205.6%
CFO William Karl Hornung
5.8 yrs ; -39.5% TSR
William Elder Mr. Elder has served as the Company’s General Counsel and Corporate Secretary since September 2020 and as the Company’s Acting Principal Financial Officer since March 2024. Mr. Elder also previously served as Principal Financial Officer of Diffusion Pharmaceuticals Inc. (“Diffusion”) from June 2023 to August 2023 and as a part-time consultant to Diffusion from July 2020 to …read full bio
CHILDRENS PLACE INC (PLCE)  Mkt Cap: $175.3M
1-Yr TSR: -50.3%
CEO Jane T Elfers
14.3 yrs ; -7.1% TSR
Muhammad Umair Muhammad Umair, age 38, was appointed to the Board on February 29, 2024. Prior to his appointment as President and Interim Chief Executive Officer of the Company, since 2021, Mr. Umair was a Senior Advisor for Origin Funding Partners, a global trade finance fund, where he was responsible for credit, recovery, and due diligence. Prior to joining Origin, from 2016 to 2021, Mr. Umair was an Investmen…read full bio
CIRRUS LOGIC INC (CRUS)  Mkt Cap: $6.1B
1-Yr TSR: 48.1%
CFO Venkatesh Nathamuni
2.1 yrs ; 8.3% TSR
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
DUPONT DE NEMOURS INC (DD)  Mkt Cap: $33.4B
1-Yr TSR: 20.1%
CEO Edward D Breen
4.3 yrs ; 8.1% TSR
Lori Koch Lori D. Koch has served as our Executive Vice President and Chief Financial Officer since February 2020. Prior to that Ms. Koch served as the Company’s Vice President, Investor Relations and Corporate Financial Planning & Analysis since June 2019. Ms. Koch previously served as the Director of Investor Relations of EID from July 2016 to May 2019; Global Finance Director of EID’s Performance Materia…read full bio
DUPONT DE NEMOURS INC (DD)  Mkt Cap: $33.4B
1-Yr TSR: 20.1%
CFO Lori Koch
4.3 yrs ; 8.1% TSR
Antonella B Franzen Ms. Franzen, 48, has served as the Chief Financial Officer of the Company’s Water & Protection segment since February 2022. Before joining the Company, Ms. Franzen was Vice President, Chief Investor Relations and Communications Officer at Johnson Controls International. Before the merger of Tyco International with Johnson Controls, Ms. Franzen held various roles …read full bio
FARMER BROTHERS CO (FARM)  Mkt Cap: $60.8M
1-Yr TSR: 38.8%
CFO Brad Bollner
.7 yrs *interim; ; 33.3% TSR
Vance Fisher  From 2022 to 2024, Mr. Fisher provided financial consulting services to various businesses, primarily in the food and beverage sector. Previously, Mr. Fisher served as the Chief Financial Officer of NBC Holdings, LLC from 2019 to 2022. Prior to NBC Holdings, LLC, Mr. Fisher served as the Chief Financial Officer of Dunn’s River Brands Group, Inc. from 2018 to 2019. Mr. Fisher has also p…read full bio
FORWARD AIR CORP (FWRD)  Mkt Cap: $356.9M
1-Yr TSR: -87.2%
CFO Rebecca J Garbrick
2.8 yrs ; -42.3% TSR
Jamie G Pierson
(interim)
Mr. Pierson, age 54, previously served as the Chief Financial Officer for MV Transportation, a privately-owned passenger transportation contracting services firm in North America, from September 2022 until January 2024. Prior to joining MV Transportation, Mr. Pierson served as Chief Financial Officer of Ecobat Technologies, a battery recycler, from July 2021 until September 2022. Mr. Pierson served…read full bio
FUNKO INC (FNKO)  Mkt Cap: $449.7M
1-Yr TSR: -34.7%
CEO Michael C Lunsford
.8 yrs *interim; ; -39.7% TSR
Cynthia W Williams Ms. Williams, age 57, served as the President and Chief Operating Officer of Wizards of the Coast and Digital Gaming at Hasbro, Inc., a leading toy and game company, from February 2022 to April 2024. Prior to her time with Hasbro, Inc. Ms. Williams worked in different executive capacities at Microsoft Corporation, from August 2018 to February 2022, including as General Manager and Vice President, …read full bio
IMAC HOLDINGS INC (BACK)  Mkt Cap: $3.8M
1-Yr TSR: -29.0%
CEO Jeffrey S Ervin
9.2 yrs ; -48.5% TSR
Faith Zaslavsky Ms. Zaslavsky, age 49, most recently served as Chief Executive Officer since June 2023, and President and Chief Operating Officer since December 2022, of Theralink Technologies, Inc. (OTC: THER). Prior to Theralink, Ms. Zaslavsky served as President of Oncology for Myriad Genetic Laboratories, (NASDAQ- MYGN). Her responsibilities included overseeing all commercial functions which include leading M…read full bio
JABIL INC (JBL)  Mkt Cap: $14.6B
1-Yr TSR: 40.8%
CFO Meheryar K Dastoor
5.7 yrs ; 28.9% TSR
Gregory B. Hebard Mr. Hebard, 54, has served as Senior Vice President, Treasurer since 2021. He joined Jabil in 2009 and has held roles of increasing responsibility in the Finance function, including as Vice President and then Senior Vice President, CFO Green Point from 2017 to 2021 and previously as Vice President, Financial Planning & Analysis from 2013 to 2017….read full bio
LEGGETT & PLATT INC (LEG)  Mkt Cap: $1.6B
1-Yr TSR: -64.8%
CEO J Mitchell Dolloff
2.3 yrs ; -32.3% TSR
Karl G Glassman Mr. Glassman previously served as the Company’s Executive Chairman of the Board from 2022 until his retirement in May 2023. He also served as the Company’s Chief Executive Officer from 2016 to 2021, as President from 2013 to 2019, Chief Operating Officer from 2006 to 2015, Executive Vice President from 2002 to 2013, President of the former Residential Furnishings Segment from 1999…read full bio
LIFECORE BIOMEDICAL INC (LFCR)  Mkt Cap: $181.3M
1-Yr TSR: 6.2%
CEO James G Hall
1.8 yrs ; -23.2% TSR
Paul Josephs From April 2021 to March 2024, Paul Josephs, age 58, served as the President and Chief Executive Officer of Woodstock Sterile Solutions (“WSS”), a full-service contract development and manufacturing organization (“CDMO”) specializing in blow fill seal sterile technology. He also served as a member of the Board of Directors of WSS. In his role as President and Chief Executiv…read full bio
MARKETAXESS HOLDINGS INC (MKTX)  Mkt Cap: $8.2B
1-Yr TSR: -24.2%
CFO Christopher R Concannon
.3 yrs
Ilene Fiszel Bieler Ilene Fiszel Bieler, age 55, has served as Executive Vice President, Global Head of Investor Relations and Chief Operating Officer of State Street Global Markets and Global Credit Finance of State Street Corporation (“State Street”), a global financial services and bank holding company, from 2022 to present, Executive Vice President, Global Head of Investor Relations of State Street fr…read full bio
MONOPAR THERAPEUTICS (MNPR)  Mkt Cap: $10.8M
1-Yr TSR: -31.2%
CFO Kim R Tsuchimoto
6.6 yrs ; -54.2% TSR
Karthik Radhakrishnan Since January 2017, Mr. Radhakrishnan has served as President and founder of Titania Partners LLC, a management consulting firm focused on the life science sector during which time he served as Chief Financial Officer of Santalis Pharmaceuticals, Inc. and Chief Executive Officer of Asylia Therapeutics, Inc. Mr. Radhakrishnan also serves as President of Titania Investments, LLC, a family office Reg…read full bio
NBT BANCORP INC (NBTB)  Mkt Cap: $1.8B
1-Yr TSR: 8.7%
CEO H Watt John Jr
7.4 yrs ; 3.0% TSR
Scott Allen Kingsley Scott A. Kingsley Scott A. Kingsley, 59, joined NBT in 2021 as Executive Vice President and Chief Financial Officer. He will succeed Mr. Watt as President and Chief Executive Officer of NBT on May 21, 2024. He has more than 35 years of experience, including 16 years as a member of the management team at Community Bank System, Inc., where he served as Chief Operating Officer and, prior to that, as…read full bio
NBT BANCORP INC (NBTB)  Mkt Cap: $1.8B
1-Yr TSR: 8.7%
CFO Scott Allen Kingsley
2.8 yrs ; 2.4% TSR
Annette L Burns Ms. Burns, age 51, has served as Chief Accounting Officer of the Company since November 2019. Ms. Burns served as Senior Corporate Controller of the Company from June 2019 to November 2019.  Prior to that, Ms. Burns was the Company’s Corporate Controller from September 2013 to June 2019.  A Certified Public Accountant, Ms. Burns has over 25 years of experience in accounting an…read full bio
NORDSON CORP (NDSN)  Mkt Cap: $15.4B
1-Yr TSR: 11.2%
CFO Stephen F Shamrock
.5 yrs *interim; ; 21.2% TSR
Daniel Roy Hopgood Since 2012, Mr. Hopgood has had roles of increasing responsibility at Eaton Corporation (NYSE: ETN), a multinational power management company. Since 2021, he served as Eaton’s controller and chief accounting officer where he led the global accounting and reporting, as well as developing and executing Eaton’s global financial strategy. From 2017-2021, he served as senior vice president,…read full bio
CHARLES SCHWAB CORP (SCHW)  Mkt Cap: $143.8B
1-Yr TSR: 41.4%
CFO Peter B Crawford
7.0 yrs ; 11.2% 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
SHAKE SHACK INC (SHAK)  Mkt Cap: $4.2B
1-Yr TSR: 44.2%
CEO Randall J Garutti
12.1 yrs ; 9.0% TSR
Robert Lynch Robert Lynch was appointed as Shake Shack’s Chief Executive Officer and to the Board of Directors to be effective May 20, 2024. Prior to Shake Shack, Mr. Lynch served as President and Chief Executive Officer of Papa John’s International, Inc. since August 2019. Prior to joining Papa John’s, Mr. Lynch served in multiple positions within Arby’s Restaurant Group, Inc., including as President from Aug…read full bio
TALKSPACE INC (TALK)  Mkt Cap: $475.1M
1-Yr TSR: 158.9%
CFO Jennifer Fulk
2.8 yrs ; -32.9% TSR
Ian Jiro Harris Mr. Harris, age 35, most recently served as a Partner at Hudson Executive Capital LP, an alternative investment firm. At Hudson Executive Capital, Mr. Harris led the investment team’s efforts to source, diligence, and manage investments in the healthcare, technology, and financial services sectors. Prior to joining Hudson Executive Capital in 2017, Mr. Harris worked at Barclays Capital, the …read full bio
V F CORP (VFC)  Mkt Cap: $4.8B
1-Yr TSR: -36.2%
CFO Matthew H Puckett
3.2 yrs ; -44.0% TSR
Paul Vogel Paul Vogel most recently served as Chief Financial Officer at Spotify Technology S.A., from January 2020 to December 2023, overseeing FP&A, M&A and Corporate Development, Investor Relations, Accounting, Treasury, Tax and Internal Audit. During his tenure as CFO, Spotify transformed into an EBIT profitable business, expanded to 180 markets from 80 markets, and grew its user base from 270&nb…read full bio
WSFS FINANCIAL CORP (WSFS)  Mkt Cap: $2.7B
1-Yr TSR: 32.4%
CFO Arthur J Bacci
.8 yrs *interim; ; 13.7% TSR
David Burg David Burg, age 50, previously served as Head of Strategy and Execution for Legacy Franchises for Citigroup, Inc. (“Citigroup”), from 2023 to the present. From 2021 to 2023, Mr. Burg served as Chief Financial Officer for Citigroup’s Latin America region and as Chief Financial Officer of Treasury and Trade Solutions from 2017 to 2021. Earlier in his career, Mr. Burg was a Managing Direc…read full bio
ZAPATA COMPUTING HOLDINGS INC (ZPTA)  Mkt Cap: $26.4M
1-Yr TSR: -92.1%
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

Recent Analysis

Activism Update – June 17

WisdomTree (WT) and Medallion (MFIN) win their fights. Trian downsizes its stake in Invesco (IVZ). Enhabit (EHAB) and Masimo (MASI) set their meeting dates as their shareholders continue to lose value.

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