Jeff Ubben's ValueAct Dives Into LKQ, PG&E
ValueAct Holdings, the investment firm founded by Jeff Ubben (Trades, Portfolio), disclosed its third-quarter portfolio last week, listing two new holdings...
-
Articles in category: BoardNews
-
Read Full Article
-
Victoria’s Secret Parent, L Brands and CEO Wexner, Target of Activists Amid Epstein Connection, Wall Street Says
Read Full ArticleTroubled retailer L Brands, parent of Victoria’s Secret and Bath & Body Works, is expected to come under significant pressure from potential activist shareholders for a major restructuring and possibly the ouster of its chief executive Leslie Wexner, FOX Business has learned...
-
Letter by SEC Commissioner Robert J. Jackson, Jr. to Congresswoman Maloney
Read Full ArticleDear Chair Maloney:
Thank you for your July 15 letter regarding my research on the need for transparency in corporate political spending—and your leadership in urging the SEC to ensure that our rules protect American families who invest in public companies that spend investor money on politics. I very much appreciate the opportunity to share further details on this work...
-
Activist Fund Considers Proxy Fights With Six Japanese Firms Next Year
Read Full ArticleAn activist investor is considering making shareholder proposals at as many as six Japanese companies’ annual general meetings next year, in another sign that money managers are more willing than ever to press the nation’s listed firms to improve performance...
Mentions: Japanese Firms -
Delaware Court of Chancery Holds that a Stockholder’s Disagreement with a Board’s Business Judgment and Intent to Pursue a Proxy Contest is Not a “Proper Purpose” for a Section 220 Demand
Read Full ArticleIn High River Limited Partnership v. Occidental Petroleum Corp., C.A. No. 2019-0403-JRS, 2019 WL 6040285 (Del. Ch. Nov. 14, 2019) (Slights, V.C.), the Delaware Court of Chancery held that a stockholder’s mere disagreement with a business decision of a board of directors and intent to pursue a bone fide proxy contest is not a “proper purpose” to support a demand to inspect the corporation’s books and records ...
-
Safra Catz Will Remain Oracle's Sole CEO While the Company Grooms a New Exec to Replace the Late Mark Hurd as Co-CEO
Read Full Article- Oracle is considering naming a president who could be groomed to replace Mark Hurd, the tech giant's co-CEO who died last month, according to a Bloomberg report.
- Oracle had said it plans to maintain its dual CEO structure, but the company is now planning to name a president first to give that executive time to grow into the role, the report said.
- Hurd died last month after taking a leave for medical reasons, leaving Safra Catz as Oracle's sole CEO...
Mentions: Oracle -
Carl Icahn Urges U.S. SEC to 'rethink' Proposed Rule Change for Proxy Advisers
Read Full ArticleBillionaire activist investor Carl Icahn on Monday urged the U.S. Securities Exchange Commission (SEC) to rethink a proposed rule change for proxy adviser firms, saying it would make activist investing "even more difficult and expensive to practice." The SEC earlier this month put forward new rules that would require proxy adviser firms to give companies a chance to review proxy materials before they are sent to shareholders...
-
John Legere to Step Down as T-Mobile CEO Next Year
Read Full Article- T-Mobile President and COO Mike Sievert will succeed John Legere as CEO on May 1, 2020, the company announced Monday...
-
SEC Proposes To "Modernize" Shareholder Proposal Rules
Read Full ArticleBut to prevent the inappropriate or excessive use of company resources ... service to fellow shareholders by promoting good corporate governance .' ".
-
HP Inc. Board of Directors Rejects Xerox's Takeover Bid
Read Full ArticleHP Inc.'s board of directors has rejected Xerox's blockbuster bid to take over the personal computer and printing giant. In a public letter released on ...
-
US Judge Reduces J&J Opioid Fine After Mistaking Thousands for Millions
Read Full ArticleJohn C Coffee Jr, director of the Center on Corporate Governance at Columbia Law School, said he viewed the Oklahoma case as singular. “It only ...
Mentions: Johnson & Johnson -
Court Tosses Carl Icahn's Lawsuit Seeking Occidental Acquisition Records
Read Full ArticleActivist investor Carl Icahn will not have access to Occidental Petroleum Corp's Anadarko takeover records to support his proxy fight against the oil firm's board, a Delaware court judge ruled on Thursday. Icahn sued Occidental in Delaware Court of Chancery last May seeking financial records and details of its negotiations with Anadarko. He has since committed to a proxy fight to appoint new management and accelerate asset sales to repay debt taken on with the $38 billion deal...
-
Carl Icahn Takes Stake in HP, Pushes for Merger with Xerox
Read Full ArticleActivist investor Carl Icahn has bought a $1.2 billion stake in HP Inc and is pushing for the personal computer maker's merger with printer maker Xerox Corp , arguing that a union could yield big profits for investors, the Wall Street Journal reported on Wednesday. Icahn, who owns a 10.6% stake in Xerox, now owns a 4.24% stake in HP, the Journal said. Xerox made a roughly $33 billion cash-and-stock offer for HP, a company more than three times Xerox's size, Reuters reported last week...
-
Hawaiian Electric Industries blasts activist investor letter on replacing CEO
Read Full ArticleHawaiian Electric Industries on Tuesday blasted a letter sent by the CEO of activist investor ValueAct Capital Management urging company stakeholders to look outside the company for President and CEO Constance Lau’s successor as a “misguided, factually inaccurate and misleading attack.”...
-
California Sued Again for Requiring Women on Company Boards
Read Full ArticleSACRAMENTO — California’s first-in-the-nation law requiring publicly held companies to put women on their boards of directors is facing a second legal challenge...
Mentions: Requiring Women on Company Boards -
Icahn Says Occidental Won’t Hit Target Without ‘Fire Sale’
Read Full ArticleActivist investor Carl Icahn said Occidental Petroleum Corp.’s new target for assets sales won’t be achieved without a “fire sale” that includes its pipeline system, Western Midstream Partners LP, which was already shopped to potential buyers earlier this year...
-
Wetherspoons Boss Blasts Corporate Governance System and Institutional Shareholders
Read Full ArticleIn a tirade accompanying a first quarter trading update, Tim Martin said the UK's corporate governance rules were "up the spout" and institutionalised ...
-
UK: California Hedge Fund Seizes Control of Domino's Board Overhaul
Read Full ArticleA Los Angeles hedge fund has wrestled control of Domino's Pizza's boardroom overhaul as the takeaway firms fights to end a long-running row with its franchisees. Activist investor Browning West was handed a seat on the board and will lead the search for the company's top two jobs of chairman and chief executive. In a move that could delay a resolution to the crippling row with franchisees, chief executive David Wild is to stay on longer than previously thought...
Mentions: Domino's Pizza Group -
Corporations Grow Nervous as Compensation for Directors Rises
Read Full ArticleIt’s nice work if you can get it. The average annual compensation for non-executive directors at S&P 500 companies rose 2 percent to $304,856 last year, topping $300,000 for the first time and 43 percent higher than it was 10 years ago, according to a new report released by executive headhunters Spencer Stuart. But thanks largely to stock grants some earned a lot more than that...
Mentions: Director Compensation -
CBS Chief Will Get $100 Million Severance and Still Keep his Job
Read Full ArticleCBS acting Chief Executive Officer Joe Ianniello is in line for a hefty haul when Viacom completes its proposed merger with the broadcast network. While he won't get to lead the combined entity, he'll collect $100 million severance and remain chief of CBS with a new contract entitling him to tens of millions of dollars more. The arrangement illustrates the extent of CBS's effort to persuade Ianniello, a 22-year company veteran, to support the tie-up without having a shot at the top job...
-
After a Bitter Fight, Activist Boots Progenics Directors—and Eyes a CEO Swap Next
Read Full ArticleThree of Progenics' directors could be out the door after activist investor Velan's picks were reportedly given the vote of approval from shareholders. (iStock) Progenics' board of directors has fought bitterly against activist investor Velan Capital, going so far as to sell out rather than lose the battle. Now, Velan reportedly has the shareholder votes to complete its revamp of the drugmaker's board––but the fight's not over yet...
-
A Former WeWork Employee is Suing Over Adam Neumann's $1.7 Billion Golden Parachute
Read Full Article- A former employee is taking WeWork to court over cofounder Adam Neumann's reported $1.7 billion golden parachute.
- Natalie Sojka's lawsuit accuses Neumann and other WeWork directors of benefiting themselves at the expense of minority shareholders as their actions have "eviscerated" the value of WeWork stock and stock options...
-
Activist Investor Icahn Sells Nearly a Third ofHhis Occidental Petroleum Stake
Read Full ArticleHOUSTON (Reuters) - Activist investor Carl Icahn, who has been waging a bitter battle against Occidental Petroleum Corp's board over its $38 billion acquisition of Anadarko Petroleum, cut his holdings in the oil and gas producer by nearly a third, according to an open letter to shareholders released on Friday...
-
U.S. Company Directors Compensated More Than Ever, But Now Risk Backlash
Read Full ArticleThe average annual compensation for non-executive directors at S&P 500 companies rose 2 percent to $304,856 last year, topping $300,000 for the first time and 43 percent higher than it was 10 years ago, according to a new report released by executive headhunters Spencer Stuart...
Mentions: Director Compensation
-