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Macellum and Ancora Release Presentation Regarding the Urgent Need for Boardroom Change at SpartanNash
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
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Rhea-AI Summary
Investor Group is pushing to replace three long-tenured directors at SpartanNash (SPTN) with its own highly qualified candidates, arguing that the current leadership has made poor capital allocation and governance decisions. The Investor Group holds around 4.5% of SpartanNash's common shares and is urging shareholders to support their nominees on the WHITE Proxy Card at the upcoming annual meeting. The presentation highlights the candidates' expertise and the need for change in the boardroom to enhance shareholder value.
Positive
Investor Group holds 4.5% of SpartanNash's outstanding shares, indicating significant backing for the proposed change.
The new candidates have extensive capital markets and sector expertise, potentially improving governance and performance.
Negative
Incumbent directors have been criticized for poor capital allocation decisions and lackluster financial performance.
Investor Group is Seeking to Replace Three Extremely Long-Tenured Directors with its Three Highly Qualified and Independent Candidates, Who Collectively Possess Capital Markets Acumen, Corporate Governance Experience and Vast Sector Expertise
Urges Shareholders to Vote for the Investor Group’s Three-Member Slate on the WHITE Proxy Card
NEW YORK--(BUSINESS WIRE)--
Macellum Advisors GP, LLC and Ancora Holdings Group, LLC (together with their affiliates, the “Investor Group” or “we”), who beneficially own approximately 4.5% of the outstanding common shares of SpartanNash Company (NYSE: SPTN) (“SpartanNash” or the “Company”), today issued a presentation that details the urgent case for change in the Company’s boardroom and summarizes its three director candidates' superior qualifications relative to three long-standing incumbents. As a reminder, the Investor Group has nominated three highly qualified and independent candidates for election to SpartanNash’s Board of Directors at the 2022 Annual Meeting of Shareholders. The Investor Group is seeking to replace three very long-tenured directors who have presided over exceedingly poor capital allocation decisions, corporate governance policies, financial and operating results, and succession planning.
Macellum Capital Management is an activist investment firm, with deep expertise in the retail and consumer sectors, founded in 2009 by Jonathan Duskin. Macellum invests in undervalued companies that it believes can appreciate significantly in value as a result of a change in corporate strategy or improvements in operations, capital allocation or corporate governance. Macellum’s investment team, advisors and network of industry experts draw upon their extensive strategic, operating and boardroom experience to assist companies in designing and implementing initiatives to improve long-term shareholder value. Macellum prefers to constructively engage with management to improve its governance and performance for the benefit of all shareholders. However, when management is entrenched, Macellum has run successful proxy contests to effectuate meaningful change. Macellum has run successful election contests to effectuate meaningful change at many companies, including at The Children’s Place Inc., Citi Trends, Inc., Bed Bath and Beyond and Big Lots, Inc. Learn more at www.macellumcapitalmanagement.com.
About Ancora
Founded in 2003, Ancora Holdings Group, LLC offers integrated investment advisory, wealth management and retirement plan services to individuals and institutions across the United States. The firm's comprehensive service offering is complemented by a dedicated team that has the breadth of expertise and operational structure of a global institution, with the responsiveness and flexibility of a boutique firm. For more information about Ancora, please visit https://ancora.net.
