The parent company of Olive Garden, Longhorn Steakhouse and other fast casual dining chains delayed its annual shareholder meeting amid allegations it was giving different information out to different classes of investors regarding the sale of Red Lobster. Activist investor Starboard Capital isn’t happy with the move.
Spark Networks announced today its president and CEO Greg Liberman would step down after 10 years with the online dating company. The move comes one month after a hedge fund took control of the company.
Osmium Partners has successfully removed four members of the Spark Networks board after a contentious battle.
Investor discontent for executive compensation packages has caught many corporate boards off guard, particularly since stock prices are generally up, experts say.
Spark Networks, owner of JDate, Christian Mingle, and other dating websites, is facing a fierce activist campaign by the hedge fund Osmium Partners, which is looking to unseat the board and force a sale of the troubled company.
Darden says its sale last month of the seafood restaurant chain for $2.1 billion was full and fair. Activist investors say it was a scorched earth tactic meant to save the jobs of executives. A showdown is set for the company’s annual meeting later this year.
Sometimes the billionaire activist pushed for a change that didn’t come, and companies fared better than if they’d heeded his advice, data shows. Most times, Carl Icahn made a lot of money.
Dan Loeb’s Third Point Partners is demanding Sotheby’s open up all three board seats the $14 billion hedge fund is seeking. At this point, Sotheby’s is only offering one seat for Loeb, and the stock has fallen more than $3 per share in just over 24 hours.