Nadia's Feed
Jun 18, 2013

Starboard’s battle with Smithfield over China-deal adds to activist image

NEW YORK (Reuters) – Since Starboard Value LP was spun off as a separate hedge fund just over two years ago it has been fast gaining a reputation for aggressive shareholder activism, pushing for change in household names including AOL (AOL.N: Quote, Profile, Research, Stock Buzz) and Office Depot Inc (ODP.N: Quote, Profile, Research, Stock Buzz).

Initially investing in small cap value companies, Starboard quickly gained a reputation in Silicon Valley as a corporate raider, targeting mostly technology companies including Agilysys Inc (AGYS.O: Quote, Profile, Research, Stock Buzz), Openwave Systems and Extreme Networks Inc (EXTR.O: Quote, Profile, Research, Stock Buzz) among several others.

Jun 7, 2013

Exclusive: Icahn, Southeastern prepare Dell CEO shortlist – sources

NEW YORK (Reuters) – Carl Icahn and Southeastern Asset Management Inc are short-listing potential candidates to become the next Dell Inc (DELL.O: Quote, Profile, Research, Stock Buzz) chief executive should they succeed in a proxy battle against Michael Dell and Silver Lake Partners, two sources close to the matter told Reuters.

A number of high-profile industry executives have been identified as possible successors to the Dell founder, including: Cisco Systems Inc (CSCO.O: Quote, Profile, Research, Stock Buzz) director Michael Capellas, former IBM Corp (IBM.N: Quote, Profile, Research, Stock Buzz) services head Michael Daniels, Oracle Corp (ORCL.O: Quote, Profile, Research, Stock Buzz) President Mark Hurd and Hewlett-Packard Co (HPQ.N: Quote, Profile, Research, Stock Buzz) PC boss Todd Bradley, the sources said.

Jun 7, 2013

Icahn, Southeastern prepare Dell CEO shortlist-sources

NEW YORK, June 7 (Reuters) – Carl Icahn and Southeastern
Asset Management Inc are short-listing potential candidates to
become the next Dell Inc (DELL.O: Quote, Profile, Research) chief executive should they
succeed in a proxy battle against Michael Dell and Silver Lake
Partners, two sources close to the matter told Reuters.

A number of high-profile industry executives have been
identified as possible successors to the Dell founder,
including: Cisco Systems Inc (CSCO.O: Quote, Profile, Research) director Michael Capellas,
former IBM Corp (IBM.N: Quote, Profile, Research) services head Michael Daniels, Oracle
Corp (ORCL.O: Quote, Profile, Research) President Mark Hurd and Hewlett-Packard Co (HPQ.N: Quote, Profile, Research)
PC boss Todd Bradley, the sources said.

Jun 7, 2013

Exclusive: Forest braces for third bout with Icahn

By Bill Berkrot and Nadia Damouni

(Reuters) – Forest Laboratories Inc is trying to avert yet another bitter proxy battle with billionaire investor Carl Icahn ahead of its annual investor meeting this summer, according to two sources familiar with the situation.

Icahn, Forest’s second-largest shareholder, and the company have been in discussions over the course of the year and talks are ongoing to avoid a third proxy fight in as many years, the sources said.

May 29, 2013

Analysis: P&G all-star board’s oversight questioned as CEO departs

By Ross Kerber and Nadia Damouni and Jessica Wohl

(Reuters) – The sudden exit of Procter & Gamble Co’s (PG.N: Quote, Profile, Research, Stock Buzz) Bob McDonald as chief executive and the return of former CEO A.G. Lafley in his place has raised questions about the vigilance of one of America’s highest-profile corporate boards.

On paper at least, P&G, the maker of a myriad of household products such as Crest toothpaste and Tide detergent, has one of the strongest boards in the world with CEOs from six other companies among its 12 members, including three from companies in the Dow Jones industrial average. The CEOs include Boeing Co’s (BA.N: Quote, Profile, Research, Stock Buzz) James McNerney, Hewlett-Packard Co’s (HPQ.N: Quote, Profile, Research, Stock Buzz) Meg Whitman, American Express Co (AXP.N: Quote, Profile, Research, Stock Buzz) CEO Kenneth Chenault, and Macy’s Inc CEO (M.N: Quote, Profile, Research, Stock Buzz) Terry Lundgren.

May 29, 2013

P&G all-star board’s oversight questioned as CEO departs

May 29 (Reuters) – The sudden exit of Procter & Gamble Co’s
Bob McDonald as chief executive and the return of former
CEO A.G. Lafley in his place has raised questions about the
vigilance of one of America’s highest-profile corporate boards.

On paper at least, P&G, the maker of a myriad of household
products such as Crest toothpaste and Tide detergent, has one of
the strongest boards in the world with CEOs from six other
companies among its 12 members, including three from companies
in the Dow Jones industrial average. The CEOs include Boeing
Co’s James McNerney, Hewlett-Packard Co’s Meg
Whitman, American Express Co CEO Kenneth Chenault, and
Macy’s Inc CEO Terry Lundgren.

May 23, 2013

AIG eyes new director with regulatory experience

May 23 (Reuters) – American International Group Inc’s
board is looking for a new director with regulatory
experience, as the insurer readies for the government to
classify it as big enough to merit greater scrutiny, according
to two sources familiar with the situation.

AIG, which is already regulated by the U.S. Federal Reserve,
expects more oversight if it is declared a “systemically
important financial institution,” or SIFI. The designation is
widely expected after the U.S. Financial Stability Oversight
Council told the company in October that it may do so.

May 16, 2013

Insight: Dimon has big say over who serves on JPMorgan board

By Nadia Damouni, David Henry and Ross Kerber

(Reuters) – For years, JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz) Chairman and CEO Jamie Dimon and other executives have hand-picked new directors, in a practice that is now unusual for a major U.S. bank.

The JPMorgan board’s governance committee, responsible for hiring new members, relies almost entirely on referrals from management to find director nominees, according to two sources familiar with the bank’s practices and a review of bank regulatory filings. All of the other 10 largest U.S. banks say they use executive search firms, which have knowledge of a range of possible candidates.

May 16, 2013

Dimon has big say over who serves on JPMorgan board

May 16 (Reuters) – For years, JPMorgan Chase & Co
Chairman and CEO Jamie Dimon and other executives have
hand-picked new directors, in a practice that is now unusual for
a major U.S. bank.

The JPMorgan board’s governance committee, responsible for
hiring new members, relies almost entirely on referrals from
management to find director nominees, according to two sources
familiar with the bank’s practices and a review of bank
regulatory filings. All of the other 10 largest U.S. banks say
they use executive search firms, which have knowledge of a range
of possible candidates.

May 5, 2013

Investors may lobby JPMorgan to clip Dimon’s wings if vote fails

By Nadia Damouni and David Henry

(Reuters) – JPMorgan Chase & Co’s (JPM.N: Quote, Profile, Research, Stock Buzz) Jamie Dimon may be losing ground in his fight to keep the title of chairman, as some major investors push for more oversight of the chief executive after the “London whale” trading losses.

At the largest U.S. bank’s annual meeting in two weeks, shareholders will be able to vote on a non-binding proposal to separate the chairman and CEO roles. Two of the bank’s top 10 shareholders told Reuters they are considering voting in favor of the proposal, a reversal of their position last year, because of the disastrous bets on credit derivatives that cost the bank more than $6 billion last year.