The situation
Veridian's CEO resigned unexpectedly just as an activist investor disclosed a significant stake and called for a breakup of the company. With the annual meeting approaching, the board needed to restore confidence, appoint new leadership, and respond credibly to the activist's thesis.
What we did
- 01
See the company as the activist does
We built an independent view of the activist's thesis, where it was right, and where it was not.
- 02
A credible plan of its own
We worked with the board to set out a clear strategic and capital plan, including selective portfolio moves.
- 03
Succession at pace
We ran an accelerated CEO search process alongside the board's search firm, and supported the incoming CEO's first 100 days.
The impact
The board reached a constructive settlement within eight weeks, appointed a new CEO, and won 96% support for its slate at the annual meeting. Shareholders returned 31% in the following year.
“Calm, candid, and always one step ahead of the situation in front of us.”
Sophia BennettLead Director, VeridianFacing a similar decision?
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