“This public nomination follows the failure of weeks of private outreach to the board to arrive at a negotiated settlement,” Engaged Capital said in a statement Thursday. Update: Abercrombie says it “will review Engaged Capital’s director nominations as part of its normal process and will present its recommendation with respect to the election of directors in its proxy statement.”
Engaged Capital, which last week sent a nine-page open letter to Abercrombie’s board calling for CEO Mike Jeffries’s ouster, is “disturbed” to learn his contract was extended today.
His bet on the beleaguered department store has gone horribly awry since his initial investment in October 2010.
Bloomberg has a huge report on the state of activist investing. Here’s the basic summary of some of the biggest campaigns, laid out in one simple chart.
The actions of hedge fund manager Bill Ackman have sent J.C. Penney into a three-year tailspin. Now that he is gone, the question everyone is asking is if the damage he inflicted is permanent.
Hedge funder Dan Loeb and Third Point sold 40 million shares of its stake in Yahoo today. It brings to a close one of the most successful activist investor periods in tech.
John Liu, who oversees $140 billion in the New York City Pension Funds, is “disappointed” in U.S. retailers’ plan to improve factory safety in Bangladesh. He says that instead of their own plan they should have joined the legally-binding Accord on Fire and Building Safety in Bangladesh.