Two massive pension funds are getting together to wage a proxy battle that would completely wipe out and rebuild Yahoo's Board of Directors at the company's meeting tomorrow, but it's time to get real — they probably won't get what they want. At least not exactly.
HALIFAX — A dissident group of shareholders seeking three seats on the Sherritt International board of directors believes chief executive David Pathe needs to be replaced.
The dissidents led by investment firm Clarke Inc. say costs are up and the share price has fallen since Pathe took the helm of the mining company at the beginning of 2012.
Dustin Haw, vice-president investments at Clarke, said the dissident group would recommend the board form a committee to find a new chief executive immediately.
Bill Ackman is back. The billionaire activist investor's latest target Air Products said this morning that it's looking for a new CEO. Three new independent directors are also joining the industrial gas product maker's board. Ackman's Pershing Square Capital has already agreed to vote in favor of them.
MONTREAL – Rona Inc. is paying its former chief executive officer a $4.5-million severance after repudiating his growth-at-all-cost strategy that resulted in six straight years of earnings declines.
Canada’s largest independent home improvement chain dismissed Robert Dutton on Nov. 8, 2012 after large shareholders fed up with the company’s anemic return on capital pressed the board to make a management change.
TOKYO (Reuters) - Japan's Sony Corp on Tuesday rejected a proposal from activist shareholder Daniel Loeb to partially spin off its entertainment business but the billionaire investor vowed to keep talking with the company and to explore other options.
CALGARY — Former cabinet minister Jim Prentice has joined Canadian Pacific Railway’s board of directors.
The Calgary-based railway says the appointment is effective as of Friday.
During his time in government, Prentice was in charge of the Environment, Industry and Indian Affairs and Northern Development portfolios.
He’s currently senior executive vice-president and vice chairman at the Canadian Imperial Bank of Commerce and serves on the boards of Bell Canada and Coril Holdings Ltd.
As we reported yesterday, Bill Ackman bought up only $76 million in Allergan stock knowing well in advance Valeant would submit a bid for the company, guaranteeing (as in absolutely no risk at all) that the stock would soar, with the rest of the purchase comprising of AGN calls. It is unclear just how much actual capital at risk he put up but indicatively May $150 call options that cost $1.55 per contract on Monday were trading at $15.53 in midmorning trading on Tuesday, a roughly ten-fold increase in one day.