Ford is considering significant changes to the auto maker’s senior leadership team amid tension among top executives, dissatisfaction with the stock price and a drive to clarify the company’s strategy...
Hunter Harrison, the new CEO of CSX, said he is able to lead a turnaround of the big U.S. railroad, despite an undisclosed medical condition that requires him to sometimes use an oxygen machine...
MELBOURNE, Australia—BHP Billiton Ltd. Chief Executive Andrew Mackenzie will meet Wednesday with representatives from Elliott Management Corp., the activist investor pushing for the resources company to shed at least some of its oil-and-gas assets and boost shareholder returns.
The talks are set to take place on the sidelines of a mining-and-metals conference in Barcelona, a day after Mr. Mackenzie told an audience there the company...
When Wells Fargo Chief Marketing Officer Jamie Moldafsky launched a recent new ad campaign for the bank following its sales-practices scandal, it was a mix of art and science. Wells Fargo was already investing in how to better understand its customers and potential customers, but it stepped up the work in September, after the San Francisco bank paid a $185 million settlement for opening up as many as 2.1 million accounts using fictitious or unauthorized customer information. It has since faced two congressional grillings, a slew of management changes, large clawbacks of executive ...
Whole Foods Market plans to remove more than half of its 12 sitting directors over the year and name a new chairman in an effort to show it is open to change after two big shareholders called on the chain to explore a sale...
Ford Motor Co.’s board of directors is extending its scheduled meetings this week so it can press Chief Executive Mark Fields to clarify his strategy as the company’s stock price languishes and its U.S. market share recedes...
CANBERRA, Australia—Australia’s government warned it would block moves being orchestrated by activist investor Elliott Management Corp. to shift mining giant BHP Billiton Ltd.’s stock listing from Australia to the U.K. Representatives from the U.S. hedge fund have been in Australia this week seeking to convince BHP shareholders to support a move to spin off its American petroleum assets and significantly restructure the world’s...
Citigroup Inc. shareholders cast 95% of their votes at Tuesday’s annual meeting in support of the bank’s compensation plan for top executives, following a jump in the stock price and a pay cut for Chief Executive Michael Corbat. That reversed tepid support last year when the bank’s annual “say on pay” resolution received 64% of votes cast. The average bank in the S&P 500 index received 91% support, according to proxy advisory... To Read the Full Story Subscribe Sign In
The abrupt departure of Arconic Inc. ARNC 0.54% Chief Executive Klaus Kleinfeld shows how big investors are tempering the once-brazen behavior of both sides in activist shareholder campaigns. “The side that goes on the low road is going to be less able to get the support of institutional investors,” said Ken Squire, founder of 13D Management LLC, an investment and research firm...
An activist investor has amassed a large stake in Whole Foods Market Inc. and wants it to accelerate its turnaround and explore a possible sale, increasing pressure on the upscale organic grocer to find its footing now that its rapid growth has stalled...
Media mogul Arianna Huffington is taking a starring role in Uber Technologies Inc.’s effort to overcome recent scandals.
An activist investor with a track record of forcing changes at internet companies is now targeting online small-business lender On Deck Capital Inc. Marathon Partners Equity Management LLC, a New York hedge-fund firm with around $275 million in assets under management, is pushing On Deck to shed millions of dollars in expenses to get to profitability, said Mario Cibelli, a managing partner at the firm, in an interview. Mr. Cibelli...
Tronc’s second-largest shareholder has sent a letter to the board raising questions about corporate governance and demanding they raise a limit on his ownership stake amid an increasingly hostile fight with the company’s biggest investor...
Clifton S. Robbins is already known as the nice-guy activist investor. Now he’s trying to be the socially conscious one..
Activist investor Jonathan Litt’s hedge fund on Thursday escalated its battle with the management of mall operator Taubman Centers Inc., putting forth two candidates for election to the board at the firm’s annual meeting later this year. Land & Buildings Investment Management LLC, which owns approximately 1.2% of the real-estate investment trust, on Thursday sent a letter to shareholders recommending Charles Elson, a corporate...
Switzerland’s GAM Holding AG has been targeted by an activist investment fund that wants to shake up the struggling money manager’s board. Zurich-based GAM, which runs 119.1 billion Swiss francs ($120 billion) in assets, said that RBR Strategic Value had written to it proposing the election of three of RBR’s representatives, including one as a...
Rex Tillerson was a 16-year-old janitor at Oklahoma State University earning $1 an hour when his conversations with students working late on projects in the school’s labs put him on the path toward an engineering degree. “I think God put me in that electrical engineering building because I’d be there late in the evenings,” he told a group of students at Texas Tech University in 2015. “It’s funny how things take you where you’re...
WASHINGTON—The Securities and Exchange Commission’s sole Republican member said the SEC won’t prioritize any rules required by the Dodd-Frank financial law but could advance other measures when he likely becomes its acting chairman after President-elect Donald Trump takes office later this month. Speaking Friday at a conference in Washington, SEC Commissioner Michael Piwowar said he has met with fellow Commissioner Kara Stein about items that he could advance as the commission’s interim leader...
High-end handbag and apparel maker Kate Spade & Co. is exploring a sale of the company, according to people familiar with the matter, after coming under pressure from an activist shareholder. The New York company is working with an investment bank and has contacted possible buyers, including other retailers, one of the people said. The...
Activist investor Thomas Sandell’s firm is calling off its push for a shareholder vote to press Bob Evans Farms Inc. to split operations. On Tuesday, Sandell Asset Management Corp., which had been calling on Bob Evans to spin off its packaged-food business, said it was encouraged by Bob Evans’s disclosure on Monday, when it released second-quarter results, that it was working with J.P. Morgan to review options. “These...
Chipotle Mexican Grill Inc. Co-Chief Executive Steve Ells told investors on Tuesday that the company plans to make an announcement soon about a new slate of board members. The burrito chain has struggled after a series of disease outbreaks last year and has come under the scrutiny of activist shareholder William Ackman. Mr. Ackman has been...
Perks such as exit payments and trips on corporate aircraft account for the fastest-growing segment of executive-pay packages at some of the world’s largest companies. According to new data from research firm Equilar, the median...
Samsung’s package of proposals follows years of pressure from investors, in particular foreign institutions, who have called on Samsung to part with more of its growing cash pile, restructure the company and appoint more diverse board members ...
The U.S. government has finally admitted in court what everyone else has known all along: Washington is not going to spot the next financial disaster before it occurs. In appealing their legal defeat to MetLife, the feds have been forced to acknowledge the false premise at the heart of the 2010 Dodd-Frank Act. Dodd-Frank created the Financial Stability Oversight Council, which is supposed to determine which firms are most likely to trigger a future crisis....