Activist Investors Show Up at More CEOs’ Doors
Visitation by activist shareholders has to be taken as seriously by today’s CEOs as it was back in the 1980s, during the days of corporate raiders such as Boone Pickens and Carl Icahn—perhaps even more so. The continuing, prolonged period of economic weakness and uncertainty around the world has weakened the results and prospects of many companies, while sweeping changes brought by digital technology, globalization and other trends make them strategically vulnerable.
Meanwhile, investors—even the institutional investors who used to be an incumbent CEO’s best friends—generally are more fickle than ever and thus more willing to give agitated and aggressive fellow shareholders a hearing. And, yes, Carl Icahn is still around—much older, but just as effective. Just ask CEOs who’ve recently been targeted by him, including Apple CEO Tim Cook and Family Dollar CEO Howard Levine.
Right now, Mayer is dealing with Starboard Value LP. The concern about Yahoo by the activist investor group came soon after the spotlight was taken off Darden Restaurants CEO Clarence Otis Jr. He ended up spinning off Red Lobster, overhauling the menu of Olive Garden—and allowing Starboard to take over the company’s board of directors. Starboard has been trying to pressure Yahoo to consider a deal with AOL. And now, at least two top-10 Yahoo shareholders have indicated that they are so unhappy with how Mayer has been failing to turn around Yahoo that they have made a direct plea to AOL CEO Tim Armstrong to explore a merger and run the combined company.
Alaix is dealing with Bill Ackman, head of Pershing Square Capital Management, who lately has greatly influenced strategies and execution at companies including Procter & Gamble, J.C. Penney and Herbalife. Zoetis, the former animal-healthcare arm of Pfizer, has taken a stake in the company—so Alaix can expect Ackman to come calling soon if he hasn’t already.
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1:00 - 5:00 pm
We are in a period of rapid change. Customer needs, technologies, competitors and internal capabilities require companies to review and update their strategies for the new realities. In this workshop, strategy experts Steve Rutan and Denise Harrison will show you a systematic approach to strategic planning to help you refine or redefine your business strategy and approach including:
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
