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Exxon loses board seats to activist hedge fund in blow to oil giant's strategy

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. ....

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Activist investor Legion Partners nominates 7 directors to Genesco board

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,” Genesco said in a statement.
With Legion’s board nominees, “Genesco will be able to produce $7.50 in earnings per share (“EPS”) by fiscal 2023 and see its stock double from current levels,” Kiper and Legion Managing Director Ted White wrote in a letter to other shareholders. The pair said they wish to keep Genesco’s CEO, Mimi Vaughn, saying their nominees want to ....

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Indaba Capital nominates two for Benefitfocus board, company seats one

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 the pressure by nominating two men with technology and software expertise to the company’s board. Shareholders will vote on whether to add them to the board. ....

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Blucora urges investors to reject Ancora's directors, plans

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.
Blucora’s directors wrote that they replaced the chief executive and chief financial officers early last year amid concerns about performance, positioned the company’s two tax-focused businesses for long-term growth, added four new independent directors in 2020 and 2021, and continued to review alternatives to how the business is currently set up. ....

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Goldman holds top rank in activism defense, Spotlight takes No. 2 spot

2 Min Read
BOSTON (Reuters) - Goldman Sachs ranked as the top financial adviser to companies targeted by activist investors in 2020, holding onto the top ranking for the second straight year, according to Refinitiv data published on Monday.
FILE PHOTO: A sign is displayed in the reception of Goldman Sachs in Sydney, Australia, May 18, 2016. REUTERS/David Gray
During 2020, Goldman advised on 49 campaigns, including Twitter, EBay and Harley Davidson , down modestly from 53 in 2019.
The top 10 advisers worked on 186 campaigns last year, when the pandemic curbed activism, compared with 197 in 2019.
Morgan Stanley, which held the No. 1 spot for several years, slipped to the No. 3 position, having worked on 26 campaigns in 2020 after 44 campaigns in 2019. ....

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