Will Arnot is Senior Editorial Specialist at Diligent Market Intelligence (DMI). This post is based on his Diligent memorandum.
A growing number of former directors and founders have turned dissident as of late, returning to companies to push for new strategies and reforms.
Outside of campaigns where former executives are brought forward as nominees, such as Trian Partners’ slate for Walt Disney featuring the media giant’s former chief financial officer Jay Rasulo, U.S.-headquartered companies have seen a considerable increase in campaigns directly led by former affiliates, with seven such advances recorded in 2023, compared to four in 2022.
Europe-based insider campaigns doubled from three to six in the same period, with most demands by former executives and directors focused on refreshing the board.