Where the Hedge Funds' Directors Are
from January/February 2007
Hedge-fund activists were successful in gaining representation, either for themselves or for their nominees, on the boards of the companies listed below. In some cases, the seats resulted from a settlement between the company and the activist, usually in advance of a shareholder vote at the annual meeting. Sometimes just the threat of a proxy contest was enough to bring the company to
the table. In other instances, the dissidents were elected by shareholders at the annual meeting. All information is as of the date of the annual meeting or the date a settlement agreement was
made public.
It Took a Shareholder Vote to Get These Nominees Onto a Board…
|
Hedge fund (date of shareholder vote)
|
Target company
(industry) |
Number of board seats the hedge fund got
|
Hedge-fund nominees on the board
|
|
|
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|
Crescendo Partners
(10/11/2005) |
Computer Horizons
(information technology) |
5
(out of 5) |
Karl L. Meyer, Former Chairman, Ermis Maritime Holdings; Eric Rosenfeld, General Partner, Crescendo Partners; Frank J. Tanki, Former Senior Partner,PricewaterhouseCoopers; Willem Van Rijn, Former Senior Partner, PricewaterhouseCoopers; Robert F. Walters, Former Executive Vice President and CIO, John Hancock Financial Services
|
|
|
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|
Icahn Partners LP
(5/11/2005) |
Blockbuster Inc.
(video rental) |
3
(out of 8) |
Edward Bleier, Former President, Domestic Pay-TV, Cable and Networks Features, Warner Bros. Entertainment Inc.; Carl Icahn, Chairman, Icahn Associates; Strauss Zelnick, Former CEO, BMG Entertainment Inc.
|
|
|
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|
Knightspoint Partners
(3/24/2004) |
CPI Corp.
(portrait-photography studios) |
6
(out of 8) |
James J. Abel, CFO, Lamson & Sessions; Michael S. Koeneke, Managing Member, Knightspoint Partners; David M. Meyer, Managing Member, Knightspoint Partners; Mark R. Mitchell, Managing Director, Ramius Capital Group; Steven J. Smith, Director and Officer, Lifestyle Evolution Inc.; John Turner White IV, CEO, Union Station Kansas City
|
|
|
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|
Pardus Capital Management
(1/26/2006) |
Bally Total Fitness Holding Corp.
(health clubs) |
3
(out of 6) |
Charles J. Burdick, Former CEO, HIT Entertainment; Barry R. Elson, Acting CEO, Telewest Global Inc.; Don R. Kornstein, Managing Member, Alpine Advisors
|
|
|
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|
Steel Partners
(6/23/2005) |
BKF Capital
(asset management) |
3
(out of 8) |
Ronald LaBow, President, Stonehill Investment Corp.; Warren G. Lichtenstein, CEO, Steel Partners; Kurt N. Schacht, Managing Director, Center for Financial Market Integrity, CFA Institute
|
|
|
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|
Trian Fund Management
(8/16/2006) |
H.J. Heinz Co.
(food) |
2
(out of 12) |
Nelson Peltz, Chairman and CEO, Trian Fund Management; Michael F. Weinstein, Chairman, INOV8 Beverage Co.
|
|
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...While These Nominees Got Their Seats After a Settlement with the Target Company
|
Hedge fund (date of settlement)
|
Target company (industry) | Number of board seats the hedge fund got | Hedge-fund nominees on the board |
|
|
|||
|
B. Riley & Co.
(10/18/2005) |
Alliance Semiconductor Corp.
(memory chips) |
4
(out of 5) |
Bob D’Agostino, President, Q-mation; J. Michael Gullard, General Partner, Cornerstone Management; Alan B. Howe, Vice President, Covad Communications; Bryant R. Riley, Chairman, B. Riley & Co.
|
|
|
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|
Greenlight Capital (3/15/2006)
|
New Century Financial Corp. (mortgage finance and REIT) | 1 (out of 11) | David Einhorn, President, Greenlight Capital |
|
|
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|
Icahn Partners LP
(8/23/2006) |
ImClone
(biotechnology) |
4
(out of 12) |
Alexander J. Denner, Managing Director, Icahn Partners LP; Carl Icahn, Chairman, Icahn Associates; Richard Mulligan, Professor of Genetics, Harvard Medical School; Charles Woler, CEO, Neuro3D
|
|
|
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|
Jana Partners
(6/11/2004) |
InterCept Inc.
(financial technology) |
2
(out of 9) |
Kevin J. Lynch, Principal, Jana Partners; Marc Weisman, Managing Partner, Sagaponack Partners
|
|
|
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|
Pembridge Capital Management Crescendo Partners
(7/28/2006) |
Topps Co.
(trading cards, candy) |
3
(out of 10) |
Arnaud Ajdler, Managing Director, Crescendo Partners; Timothy E. Brog, President, Pembridge Capital Management; John Jones, Consultant, Trump Entertainment Resorts
|
|
|
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|
Pirate Capital
(5/18/2005) |
Cornell Cos.
(correctional facilities) |
7
(out of 9) |
Leon Clements, CEO, League Medical Concepts; Richard Crane, Private Corrections Consultant; Zachary R. George, Senior Investment Analyst, Pirate Capital; Todd Goodwin, Partner, Gibbons Goodwin van Amerongen; Thomas R. Hudson Jr., Managing Member, Pirate Capital; Alfred Jay Moran, Chairman and CEO, Moran Group; Sally Walker, President, Encourage Youth Corp.
|
|
|
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|
Relational Investors
(3/22/06) |
Sovereign Bancorp
(banking) |
2
(out of 11) |
Maria Fiorini Ramirez, CEO, Maria Fiorini Ramirez Inc.; Ralph V. Whitworth, Principal, Relational Investors
|
|
|
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|
Third Point LLC
(12/2/2005) |
Ligand Pharmaceuticals
(specialty drugs) |
3
(out of 11) |
Daniel S. Loeb, CEO, Third Point LLC; Jeffrey R. Perry, Senior Adviser, Third Point LLC; Brigette Roberts, Healthcare Analyst, Third Point LLC
|
|
|
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|
Third Point LLC
(7/21/2006) |
Massey Energy Co.
(coal) |
2
(out of 10) |
Daniel S. Loeb, CEO, Third Point LLC; Todd Q. Swanson, Analyst, Third Point LLC |
|
|
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|
Tracinda Corp.
(2/6/2006) |
General Motors
(autos) |
1
(out of 12) |
Jerome B. York, CEO, Harwinton Capital Corp. |
|
|
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|
Trian Fund Management
(3/6/2006) |
Wendy’s International
(restaurants) |
3
(out of 15) |
Jerry W. Levin, Chairman and CEO, JW Levin Partners; Stuart I. Oran, Managing Member, Roxbury Capital Group; Peter H. Rothschild, Managing Member, Daroth Capital
|
|
|
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|
ValueAct Capital
(8/7/2006) |
Acxiom Corp.
(database software) |
2
(out of 11) |
Jeffrey W. Ubben, Managing Partner, ValueAct Capital; R. Halsey Wise, President and CEO, Intergraph Corp.
|
|
|
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|
ValueAct Capital
(12/3/2004) |
MSC Software Corp.
(enterprise software) |
2
(out of 7) |
Gregory P. Spivy, Partner, ValueAct Capital; William J. Weyand, Former Chairman and CEO, Structural Dynamics Corp.
|
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