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A tiny hedge fund won a seismic victory over Exxon Mobil Corp on Wednesday as shareholders elected two of the fund's nominated directors to the oil giant's board after a months-long battle over the company's business strategy and growth plans.
A tiny hedge fund won a seismic victory over Exxon Mobil Corp on Wednesday as shareholders elected at least two of the fund's nominated directors to the oil giant's board after a months-long battle over the company's business strategy and growth plans.
2 Min Read BOSTON (Reuters) - Activist investor Legion Partners Asset Management LLC has nominated seven directors to sit on specialty retailer Genesco Inc’s eight-person board, according to a letter made public in a filing on Monday. Legion, run by Christopher Kiper, wants Genesco to consider selling non-core assets and buy back shares. It owns a 5.6% stake in the retailer, which has a market capitalization of $727.8 million. Genesco’s stock price inched up 1.3% to $49.29. “We will review the letter from Legion, along with their proposed director candidates, and respond in due course,...
3 Min Read BOSTON (Reuters) - Hedge fund Indaba Capital said on Tuesday it had nominated two directors to Benefitfocus Inc’s board, and the software company responded a few hours later, saying it had named a veteran human resources executive as a new independent director. The two sides have been trading barbs for weeks over the company’s future, high turnover in its executive suite and who should be sitting on its board. San Francisco-based Indaba five weeks ago called on Charleston, South Carolina-based Benefitfocus to sell itself following years of poor returns. On Tuesday, it increased...
2 Min Read BOSTON (Reuters) - Financial services firm Blucora Inc is urging shareholders to back its board and block a dissident investor’s effort to seat four directors, arguing it has already made key changes that are bearing fruit and that the outsider’s plans are “deeply flawed.” “Blucora is on the right path to creating long-term value for all stockholders,” the Dallas-based company’s board wrote to shareholders asking them to vote for all of its director candidates instead of the four that activist investor Ancora Holdings Inc proposed. Reuters saw a copy of the letter. Bl...