- All board compensation requested to be apportioned to company employees most impacted by the current crisis
NEWPORT BEACH, Calif., April 17, 2020 (GLOBE NEWSWIRE) -- Engaged Capital, LLC, an investment firm specializing in enhancing the value of small and mid-cap North American equities, today announced that its partners will forgo all remaining fees to be received from the public companies where they are a member of the Board. Engaged has requested each company pool the capital and provide it directly to employees who are most in need. Engaged’s partners currently hold director positions at The Hain Celestial Group Inc (NASDAQ: HAIN), Rent-A-Center, Inc (NASDAQ: RCII), SunOpta Inc. (NASDAQ: STKL) and TiVo Corporation (NASDAQ: TIVO).
Glenn W. Welling, Founder and Chief Investment Officer at Engaged Capital, stated, “These are unprecedented times and virtually every company has been impacted by the COVID-19 pandemic. While governments are providing substantial stimulus and recovery programs, it is also important for individuals to do what they can to help those most in need. As such, our partners have asked that all remaining 2020 board fees be redirected to support those employees that are most impacted. They are not to be used to support corporate objectives, but to help the individuals and their families struggling through this volatile period.”
About Engaged Capital:
Engaged Capital, LLC (“Engaged Capital”) was established in 2012 by a group of professionals with significant experience in activist investing in North America and was seeded by Grosvenor Capital Management, L.P., one of the oldest and largest global alternative investment managers. Engaged Capital is a limited liability company owned by its principals and formed to create long-term shareholder value by bringing an owner’s perspective to the managements and boards of undervalued public companies. Engaged Capital manages approximately $1B of assets and its efforts and resources are dedicated to a single investment style, “Constructive Activism” with a focus on delivering superior, long-term, risk-adjusted returns for investors. Engaged Capital is based in Newport Beach, California.
Engaged Capital, LLC
Glenn W. Welling, 949-734-7900
Dan Gagnier, 646-569-5897