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☆ Google reportedly in advanced talks to acquire cyber startup Wiz for $23 billion, its largest-ever deal
▼ + stars: | 2024-07-14 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Google is in advanced talks to acquire cybersecurity firm Wiz for $23 billion, The Wall Street Journal reported Sunday, citing people familiar with the matter. It had been eyeing an IPO as recently as May, when the company achieved a valuation of $12 billion. Google has made large cyber acquisitions before: The company acquired cybersecurity firm Mandiant for $5.4 billion two years ago. But its reported talks with Wiz would suggest that the company has developed a fresh appetite for M&A, competitive concerns notwithstanding. Google had been in talks to acquire sales software maker Hubspot, CNBC previously reported, but its pursuit had reportedly cooled.

Persons: Sundar Pichai, Wiz, Assaf Rappaport Organizations: Alphabet Inc, Government, Society, Google, Street, Wiz, Ventures, Insight Partners, Sequoia Capital, CNBC Locations: Stanford , California

☆ Proxy advisor backs activist Politan nominees in scathing Masimo report
▼ + stars: | 2024-07-12 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

Proxy advisory firm Glass Lewis on Thursday recommended that shareholders of Masimo , the medical technology firm best known for its Apple Watch patent litigation, elect dissident Politan's two nominees, Bill Jellison and Darlene Solomon. Masimo's board includes Kiani, former Disney CEO Bob Chapek and Politan managing member Quentin Koffey, who overwhelmingly won the election last year. Glass Lewis tacitly endorsed that criticism in its report, writing that the company displayed "de minimus responsibility" and "poor governance." Alongside its larger peer Institutional Shareholder Services, though, Glass Lewis reports are considered highly important to passive investors. Glass Lewis responded to RTW with an offer to meet on July 8, shortly after Politan's allegations were publicized in an SEC filing.

Persons: Joe Kiani, Glass Lewis, Politan's, Bill Jellison, Darlene Solomon, Kiani, Bob Chapek, Quentin Koffey, Kiani —, Politan, Jellison, RTW, Christopher Chavez, RTW's Organizations: Enercare, Masimo, Apple Watch, CNBC, Disney, Services, ISS, Kiani, SEC Locations: Toronto, Canada, Solomon, Politan

☆ UiPath to lay off 10% of workforce in companywide restructuring
▼ + stars: | 2024-07-09 | by ( Todd Haselton | ) www.cnbc.com time to read: +2 min

Daniel Dines, Co-founder & CEO at UiPath addresses the audience during the third day of the Web Summit 2021 at Parque das Nacoes in Lisbon. UiPath , a developer of automation software, is cutting 10% of its workforce, or about 420 jobs, as part of a broader restructuring, the company said in filing with the SEC on Tuesday. Most of the layoffs will be implemented by the end of the first quarter of fiscal 2026, the company said. UiPath shares dropped about 7% on Tuesday and have now lost more than half their value this year. UiPath said Tuesday that it expects to incur $15 million to $20 million in costs related to the layoffs, and total restructuring costs between $17 million and $25 million.

Persons: Daniel Dines, UiPath, Rob Enslin, — CNBC's Rohan Goswami Organizations: Parque das Nacoes, SEC, Nasdaq Locations: Lisbon, UiPath, U.S

☆ Southwest Airlines activist Elliott threatens proxy fight for new leadership
▼ + stars: | 2024-07-08 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

Activist investor Elliott Management said Monday it would mount a proxy fight to push for change at Southwest Airlines through a special shareholder vote unless management is willing to negotiate, citing a poison pill and board expansion that the investor views as "entrenchment maneuvers." Elliott in its letter to Southwest's board said it remained open to collaboration, but that the board had taken steps to box Elliott out. A proxy fight would be expensive and challenging for Elliott and Southwest Airlines. Activist investors can mount proxy fights if they are seeking to force change in a company's leadership or operations. Companies usually settle with Elliott, one of the most successful activist investors, rather than risk taking on the activist in a proxy battle.

Persons: Elliott Management, Elliott, Bob Jordan, Gary Kelly, underperformance, John Pike, Bobby Xu, expeditiously, Rakesh Gangwal, Pike, Xu Organizations: Southwest Airlines, Elliott, Southwest, Companies, Salesforce Locations: Southwest

☆ Southwest adds former US Airways CEO to board as it battles activist
▼ + stars: | 2024-07-08 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

Southwest Airlines announced Monday that it's adding former US Airways CEO Rakesh Gangwal to its board of directors. The latest defensive maneuver aims to blunt Elliott's accusations that Southwest's board is long-tenured and insular. Gangwal was CEO of the now-defunct US Airways in the late 1990s and early 2000s, before founding Indian low-cost carrier IndiGo in 2006. Southwest announced the board expansion less than a week after it adopted a shareholder rights plan, limiting investors' ability to grow their stakes beyond a 12.5% threshold. Elliott is seeking the ouster of Kelly, Southwest's CEO before becoming executive chair, and Bob Jordan, who has served as Southwest's CEO since 2022.

Persons: Rakesh Gangwal, Elliott, Gangwal, Rakesh, Gary Kelly, Kelly, Bob Jordan, Jordan Organizations: Southwest Airlines, US, Elliott Management, US Airways, IndiGo, Southwest Locations: Asia

☆ Southwest Airlines shareholders puzzled by Elliott's activism can look to past campaigns for insight
▼ + stars: | 2024-07-06 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +12 min

Rather than sparking typical cheer on Wall Street, Elliott's campaign, spelled out in a 50-page presentation, led to confusion and concern among investors and customers. Several activism experts pointed to two of Elliott's past targets for insight into the hedge fund's strategy for Southwest: Suncor Energy in 2022 and Marathon Petroleum in 2019. Elliott partner John Pike, who is now leading the Southwest campaign, was involved in the firm's actions at both energy companies. Pike and portfolio manager Bobby Xu are leading Elliott's Southwest campaign. But in 2018, a few months after reaching an agreement with Elliott, Marathon announced it was only getting bigger.

Persons: David Paul Morris, Elliott, Bob Jordan, Gary Kelly, Elliott hasn't, Southwest's, John Pike, Haviv Ilan, Marc Benioff, Jordan, Pike, Bobby Xu, Vinson, Elkins, Mark Little, Elliott's Pike, Suncor's, Little, Rich Kruger, Candace Elliott, Marathon, Weeks, Gary Heminger, Mike Hennigan, Hennigan, hasn't, It's, isn't, Kelly, it's, Xu, — CNBC's Leslie Josephs Organizations: Southwest Airlines, Oakland International Airport, Bloomberg, Getty, Elliott Management, Southwest, Melius Research, Suncor Energy, Marathon Petroleum, Marathon, Etsy . Texas, of America, Suncor's Petro, Canada, Canadian, Petro - Canada, Petro, Exxon Mobil, Reuters, Speedway, Elliott, Company, Heminger, Artisan Partners, Suncor, Southwest Airlines Pilots Association, CNBC Locations: Oakland , California, Dallas, Suncor, New York, West Palm Beach , Florida, Etsy, Canada, Sherwood Park , Alberta, Marathon, Southwest

Southwest Airlines said Wednesday that it has adopted a shareholder rights plan, more commonly known as a "poison pill," in response to activist Elliott Management's investment in the airline and push to oust CEO Bob Jordan and Chairman Gary Kelly. The poison pill will only activate if Elliott — or another investor — acquires at least 12.5% of the company. "Southwest Airlines has made a good faith effort to engage constructively with Elliott Investment Management since its initial investment and remains open to any ideas for lasting value creation," Kelly said in a statement. Elliott and Southwest management met in person just two weeks ago, according to people familiar with the matter. Companies often adopt shareholder rights plans in response to an activist threat; rental car company Hertz adopted a poison pill in 2013 in response to "unusual" trading activity that management thought presaged an activist.

Persons: Elliott, Bob Jordan, Gary Kelly, Elliott —, —, Kelly, Hertz, Jordan, Morgan Stanley, Ellis Organizations: Southwest Airlines, Elliott Investment Management, Companies, Boeing, Southwest, Texas, Bank of America, & Locations: Southwest, Dallas, New York, West Palm Beach , Florida, Kirkland

☆ Masimo activist Politan presents 'last chance' for shareholders to force change at med-tech company
▼ + stars: | 2024-06-26 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +7 min

Led by Quentin Koffey, Politan has nominated two further directors to the company's board, and says that without their election, management will continue to operate without oversight. "This is shareholders' last chance at meaningful change," Politan wrote in a letter to Masimo shareholders on Wednesday, laying out its case to investors ahead of the meeting. But governance improvements have fallen short of what shareholders deserve, Koffey wrote in the letter, noting that Masimo's board "does not review, approve or see a budget." Masimo took aggressive steps to fend off Politan, introducing bylaws to force the firm to reveal its shareholder list. "For more than two years, Politan has navigated unprecedented impediments thrown up by Masimo's board," the activist said.

Persons: MASI, Joe Kiani, Manjunath Kiran, Quentin Koffey, Politan, Masimo, Koffey, Michelle Brennan, Darlene Solomon, Bill Jellison, Stryker, it's, Kiani, Wilkins, Denon, Mario Tama, haven't, Russell, management's Organizations: Getty, Politan Capital Management, CNBC, Apple Watch, Sound United, Bowers, Sound, Shareholders Locations: Bangalore, Jan, Delaware, Caribbean, Irvine , California

☆ Activist Starboard Value demands Autodesk explain accounting, financial issues
▼ + stars: | 2024-06-25 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

Activist investor Starboard Value on Tuesday sent a letter to Autodesk's board, demanding that the company explain to shareholders who and what was behind an internal financial probe that sparked federal investigations and revealed deliberate misrepresentation of key financial metrics. The activist investor wrote in its letter that there had been "no consequences and no accountability for those involved in this purposeful misleading of shareholders." A representative for Autodesk did not immediately return a request for comment. The internal probe led to the reassignment of its chief financial officer and prompted inquiries from financial regulators and the Justice Department. The activist wrote that it had received "overwhelmingly positive feedback" from other investors frustrated with Autodesk's perceived "poor corporate governance."

Persons: Jeff Smith, Smith, Debbie Clifford Organizations: Autodesk, Justice Department, Company Locations: Delaware

☆ Apple Intelligence won't launch in EU in 2024 due to antitrust regulation, company says
▼ + stars: | 2024-06-21 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Tim Cook, chief executive officer of Apple Inc., during the Apple Worldwide Developers Conference at Apple Park campus in Cupertino, California, US, on Monday, June 10, 2024. Apple said Friday it won't release three recently announced features, including its flagship "Apple Intelligence" AI product, in the European Union in 2024 due to "regulatory uncertainties" stemming from the bloc's Digital Markets Act antitrust regulation. Apple Intelligence can proofread writing or even rewrite it in a friendly or professional tone. Apple saw 2023 net sales of $94.3 billion in Europe, just under a quarter of its worldwide net sales. Apple Intelligence also won't be available in Greater China, which accounted for $72.6 billion of its 2023 sales.

Persons: Tim Cook, Apple Organizations: Apple Inc, Apple Worldwide, Apple, Apple Intelligence, European Union, bloc's, EU, Microsoft, OpenAI, European Locations: Cupertino , California, Europe, Greater China

Ilya Sutskever, Russian Israeli-Canadian computer scientist and co-founder and chief scientist of OpenAI, speaks at Tel Aviv University in Tel Aviv, June 5, 2023. OpenAI co-founder Ilya Sutskever, who left the artificial intelligence startup last month, introduced his new AI company, which he's calling Safe Superintelligence, or SSI. "I am starting a new company," Sutskever wrote on X on Wednesday. Altman and Sutskever, along with other directors, clashed over the guardrails OpenAI had put in place in the pursuit of advanced AI. "I deeply regret my participation in the board's actions," Sutskever wrote in a post on X on Nov. 20.

Persons: Ilya Sutskever, OpenAI, Sutskever, Jan Leike, OpenAI's, Leike, Daniel Gross, Daniel Levy, Sam Altman, Altman, we've Organizations: Tel Aviv University, SSI, Microsoft, Apple Locations: Russian Israeli, Canadian, Tel Aviv, Palo Alto , California

☆ Activist Starboard sues Autodesk in bid to mount proxy fight
▼ + stars: | 2024-06-17 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Starboard Value sued software maker Autodesk on Monday to delay the company's annual meeting and reopen the board nominating window and allow the activist to mount a proxy fight. Activists can typically only begin a proxy fight, involving the nomination of a slate of directors to replace the existing board, if they submit their proposals within a specific window. Starboard confirmed in a letter on Monday that it has a stake in Autodesk valued at more than $500 million. The company waited until April 1 to tell shareholders about the investigation, filings show, which was more than a week after the nominating window had closed. An Autodesk representative referred CNBC to its prior statements on the matter, where it said it would refuse Starboard's requests to reopen the nominating window and delay the annual meeting.

Persons: Deborah Clifford Organizations: Autodesk, SEC, CNBC Locations: Delaware Chancery

☆ Activist Starboard amasses Autodesk stake, weighs suit over delayed probe disclosure
▼ + stars: | 2024-06-17 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

Starboard's stake is valued at roughly $500 million, according to people familiar with the matter. The results of that probe led to the ouster of Autodesk's then-CFO, Deborah Clifford, who was moved to a different executive role within Autodesk. The probe found that executives manipulated reporting tied to company's contract billing structure, as Autodesk shifted back to upfront payments from annualized payments, to improve those metrics. The delayed disclosure came a little more than a week after the deadline to nominate directors closed. Starboard is weighing legal action in Delaware Chancery court to compel the reopening of Autodesk's nominating window and the delay of Autodesk's annual meeting, the people said.

Persons: Jeff Smith, Autodesk's, Deborah Clifford, Marc Benioff's Salesforce Organizations: Autodesk, Securities and Exchange Commission, Cisco, Wall Street, Sachem, Capital Management, Eminence Capital, Justice Department, SEC Locations: Delaware

☆ Southwest CEO vows change as activist investor pushes for new leadership
▼ + stars: | 2024-06-12 | by ( Leslie Josephs | ) www.cnbc.com time to read: +3 min

Southwest Airlines CEO Bob Jordan said the company is ready to adapt to changing customer trends like premium seating as pressure from an activist investor mounts. "We will adapt as our customers' needs adapt," Jordan said at an industry event hosted by Politico on Wednesday. Jordan's comments came two days after hedge fund Elliott Management disclosed a $1.9 billion stake in Southwest and said the carrier needs a new CEO and new chairman. Meanwhile, Jordan said Southwest has continued to work toward improving the customer experience. "It's been several years since we last studied this in-depth, and customer preferences and expectations change over time," an airline spokeswoman told CNBC.

Persons: Bob Jordan, Jordan, Jordan's, Elliott didn't, Elliott, It's, —, Rohan Goswami Organizations: Southwest, Politico, Elliott Management, Boeing, CNBC Locations: Southwest, Dallas, United States, Delta, U.S

☆ Nelson Peltz's Trian amasses stake in pest control giant Rentokil
▼ + stars: | 2024-06-11 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

Nelson Peltz's Trian Partners has amassed a significant stake in Terminix parent Rentokil and is seeking to engage with leadership on "ideas and initiatives to improve shareholder value," a spokesperson told CNBC Tuesday. That would mean that its stake is valued at more than $400 million, or at least 3% of shares outstanding. A spokesperson for Rentokil, which is headquartered in London, did not immediately respond to CNBC's request for comment. The news of his stake in Rentokil, reported earlier by Bloomberg, comes shortly after Trian disposed of its remaining stake in Disney. Peltz earlier this year ran an unsuccessful campaign for board seats at the entertainment giant.

Persons: Nelson Peltz, Nelson Peltz's Trian, Trian's Peltz, Heinz, Trian Organizations: Trian Fund Management, Future Investment Initiative, Summit, Nelson Peltz's Trian Partners, CNBC, Rentokil, Proctor & Gamble, Bloomberg, Disney Locations: Miami , Florida, London, Rentokil

Apple 's about to kick off its annual Worldwide Developer's Conference where it's expected to announce its plans for AI. The company is expected to announce a partnership with OpenAI and reveal "Apple Intelligence," according to recent reports from Bloomberg. We'll also hear about the latest software updates for the iPhone, Mac, iPad, Apple TV and Apple Watch. Apple typically releases that software in developer preview ahead of a full launch for consumers sometime in the fall with the launch of the new products. You can also watch the live stream here:

Persons: OpenAI, WWDC, We'll, Craig Federighi, Atif Malik Organizations: Apple, Apple Intelligence, Bloomberg, Apple Watch, Citi Locations: Pacific

A Southwest Airlines jet comes in for a landing at Laguardia Airport in New York City, New York, U.S., January 11, 2023. Activist hedge fund Elliott Management has amassed a $1.9 billion stake in Southwest Airlines and plans to push for leadership changes at the airline that has lagged big rivals. Elliott said it intends to "pursue all available pathways to deliver the leadership changes" the activist believes Southwest needs. Jordan and Kelly have "presided over a period of stunning underperformance at" Southwest, Elliott said. In just the last few months, the activist has taken a $2.5 billion stake in semiconductor firm Texas Instruments , a $2 billion stake in Japanese conglomerate SoftBank and a $1 billion stake in mining concern Anglo American .

Persons: Elliott, Bob Jordan, Gary Kelly, Jordan, Kelly, Henry Harteveldt, Elliott's Organizations: Southwest Airlines, Laguardia, Elliott Management, Southwest, Delta Air Lines, United Airlines, CNBC, Atmosphere Research, Boeing, Crown, Texas Instruments Locations: New York City , New York, U.S, Southwest, Texas

☆ ValueAct increases Salesforce stake to nearly $1 billion, sending shares up
▼ + stars: | 2024-06-06 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Mason Morfit, Salesforce board member and co-CEO of activist investor ValueAct, has increased his stake in Marc Benioff's software firm to just under $1 billion, acquiring $99 million worth of shares earlier this week, just days after the company reported its first revenue miss since 2006. The trade was disclosed in a regulatory filing Thursday, sending Salesforce shares up around 3.5% on the news in morning trading. The other activists eyeing Salesforce at the time included Elliott Management, Dan Loeb's Third Point, and Starboard Value. Earlier this year, Salesforce's widely reported pursuit of data management firm Informatica sent shares see-sawing before the putative target said it was not considering a sale. Salesforce shares briefly eclipsed their previous 2021 highs earlier this year, but have since given back those gains and are down 4% year-to-date.

Persons: Mason Morfit, ValueAct, Marc Benioff's, Morfit, Benioff's, eyeing Salesforce, Elliott, Dan Loeb's, Benioff, Salesforce's, Jeff Ubben, Bob Iger, Trian's Nelson Peltz, Ike Perlmutter, Salesforce Organizations: ValueAct, Elliott Management, Informatica, Microsoft, Marvel Locations: New York, U.S, Benioff

☆ Elliott builds $2 billion position in SoftBank, pushes for buyback
▼ + stars: | 2024-06-05 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

Investment firm Elliott Management has rebuilt its position in Japanese conglomerate SoftBank and is pushing the Masayoshi Son-led firm to begin a $15 billion share buyback, according to a person familiar with the matter. The news, first reported by the Financial Times, sent SoftBank shares up as much as 6.3%. SoftBank shares have surged in recent months largely off the back of its Arm investment. SoftBank's Japanese shares trade at their highest level in decades. SoftBank launched a $20 billion share buyback and asset disposal program in 2020 during Elliott's initial campaign.

Persons: Son, Elliott, SoftBank, Elliot, Nabeel Bhanji, unfriendliness, WeWork Organizations: SoftBank Group Corp, University of Tokyo, Investment, Elliott Management, Financial Times, Tokyo Stock Exchange, Mitsubishi Fudosan, Toshiba, Dai Nippon Printing, Vision Locations: Tokyo, Japan, SoftBank, China

☆ Alphabet taps Eli Lilly's Anat Ashkenazi as new CFO
▼ + stars: | 2024-06-05 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Eli Lilly CFO Anat Ashkenazi will become Alphabet's new chief financial officer effective July 31, Google's parent company announced Tuesday, almost a year after Alphabet first announced current CFO Ruth Porat would move to a new role as president and chief investment officer. Ashkenazi has had a 23-year career at Eli Lilly, which in a separate release confirmed her departure. Ashkenazi joined Eli Lilly in 2001 and had been CFO since 2021. She previously served as a CFO for several of the company's global business areas, helping to manage the revenue windfall from Eli Lilly's weight loss and diabetes drugs. Porat had nearly three-decade career as as an investment banker at Morgan Stanley, culminating as its CFO, before joining Google in 2015.

Persons: Eli Lilly, Anat Ashkenazi, Ruth Porat, Ashkenazi, Sundar Pichai, Eli Lilly's, Porat, Morgan Stanley, Philipp Schindler, Prabhakar Raghavan, Thomas Kurian, Susan Wojcicki, Robert Kyncl, Geoffrey Hinton, — CNBC's Jenn Elias, Annika Kim Constantino Organizations: Google, CNBC, YouTube

☆ Top proxy advisor ISS recommends against Elon Musk's $56 billion Tesla pay package
▼ + stars: | 2024-05-31 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

Taylor Hill | Getty ImagesTop proxy advisor Institutional Shareholder Services on Friday recommended Tesla shareholders vote against the re-approval of CEO Elon Musk's $56 billion pay package and withhold their support from the re-election of News Corp . Tesla's shareholder meeting is on June 13. Tesla's board is seeking shareholder approval to reinstate Musk's pay after a Delaware court voided the package earlier this year. The proxy advisor recommended support for some shareholder proposals that Tesla management opposes, including one that would declassify Tesla's board. Pay package pushTesla has been courting shareholder support in both time-tested and novel ways.

Persons: Elon Musk, Elon Musk's, James Murdoch, Glass Lewis, Tesla, Innisfree, Robyn Denholm, Leo KoGuan, KoGuan, Go Nakamura Organizations: Academy Museum of Motion Pictures, Getty, Services, News Corp, CNBC, ISS, FGS Global Locations: Los Angeles , California, Taylor, Delaware, Texas, Austin, Austin , Texas, U.S

☆ Texas Instruments CEO open to activist Elliott's free cash flow proposal
▼ + stars: | 2024-05-30 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

"We definitely look forward to engaging in a constructive dialogue with Elliott," Ilan said at AllianceBernstein's Strategic Decisions conference, marking his first public remarks since the activist revealed a $2.5 billion position in the company. Texas Instruments has spent heavily on chip fabrication plants, or fabs, as it seeks to maintain its dominant position in the analog semiconductor market. But that growth in capex has come at a significant cost to free cash flow per share, a self-declared key metric for TI, Elliott noted. By Elliott's analysis, FCF per share fell from $6.40 in 2022 to $1.47 per share in 2023. But it remains a giant business, accounting for $13 billion or 74% of TI's revenue in 2023.

Persons: Haviv Ilan, Elliott, Ilan Organizations: Texas, CNBC, TI, Texas Instruments, Micron Technologies Locations: Utah, capex

☆ UiPath shares tank 30% after company announces CEO shakeup
▼ + stars: | 2024-05-29 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

Daniel Dines, billionaire and co-founder of UiPath Inc., at the automation software company's offices in Bucharest, Romania, on Thursday, May 20, 2021. UiPath shares plunged more than 30% on Wednesday after the software company said CEO Rob Enslin is resigning effective June 1, and being replaced by co-founder Daniel Dines, who stepped down as co-CEO on Jan. 31. Dines co-founded UiPath in 2005 with Marius Tirca. The company makes software which automates repetitive and "menial" tasks, but its stock has suffered under Enslin's sole leadership. Shares are down 26% year-to-date, after the company debuted in one of the largest U.S. software IPOs ever in 2021.

Persons: Daniel Dines, Rob Enslin, UiPath, Enslin, Dines, Marius Tirca, — CNBC's Ari Levy Organizations: UiPath Inc Locations: Bucharest, Romania, U.S

☆ Gildan's board abruptly resigns ahead of annual meeting, handing control to activist
▼ + stars: | 2024-05-23 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

The activist firm later claimed Gildan's board was showing a "complete disregard for sound corporate governance." The last time an entire board resigned during an activist battle was in 2012, when Canadian Pacific's board yielded to Bill Ackman hours before the railroad's annual meeting. "We are deeply grateful for the outpouring of support that Browning West's slate and plan have received from our fellow shareholders, Gildan employees, and leading proxy advisory firms," Browning West's Usman Nabi and Peter Lee said in a statement. Browning West, based in Los Angeles, accused Gildan's board of leaking an allegedly non-existent sale process to the media and hiring private investigators to look into one of the firm's nominees. Other major shareholders, including Anson Funds and Janus Henderson, backed Browning West's push.

Persons: Gildan Activewear, Browning West's, Glenn Chamandy, Browning, Vince Tyra, Bill Ackman, Browning West's Usman Nabi, Peter Lee, Gildan's, Gildan, Chamandy, Tyra, Michael Kneeland, Janus Henderson, Glass Lewis, Ancora Organizations: Houchens Industries, Amazon, Target, United Rentals, Anson Funds, Norfolk Southern Locations: Montreal, Gildan, Los Angeles

☆ Vivek Ramaswamy goes activist with Buzzfeed stake, seeks strategic 'shift'
▼ + stars: | 2024-05-22 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Former GOP presidential hopeful Vivek Ramaswamy has an 8% stake in BuzzFeed and is seeking to effect a "shift" in the media firm's strategy, the investor said Tuesday in a filing. "Stay tuned," Ramaswamy told CNBC via a spokesperson. Companies should "do whatever allows them to be most successful over the long run without regard to political, social, cultural or environmental agendas," Ramaswamy told CNBC in a 2023 interview. Ramaswamy has remained close to the Mar-a-Lago circuit after throwing his support behind former President and presumptive GOP nominee Donald Trump. It's unlikely, however, that he will be Trump's vice-presidential pick, given that several GOP operatives and donors have expressed deep opposition.

Persons: Donald Trump, Vivek Ramaswamy, Ramaswamy, BuzzFeed, Jonah Peretti, Buzzfeed, — CNBC's Alex Sherman, Brian Schwartz Organizations: U.S, Republican, Trump, New, GOP, CNBC, Management, Roivant Sciences, Inc Locations: New Hampshire, Laconia , New Hampshire, U.S, BuzzFeed

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