Story
Jana Partners Calls for CEO Ouster, Asset Sales at The Cooper Companies
Summary
Activist investor Jana Partners is escalating its campaign against The Cooper Companies, demanding the replacement of CEO Albert White and a review of strategic alternatives, including a potential sale of its core contact lens business.
Activist investor Jana Partners is escalating its pressure on The Cooper Companies (NYSE: COO), calling for the ouster of CEO Albert White and a review of strategic alternatives, including a potential sale of its core contact lens business. The demands were outlined in a letter sent to the medical device maker's board on Thursday, according to a report from *The Wall Street Journal*.
Call for Sweeping Changes
Jana Partners is pushing for a comprehensive overhaul at Cooper, which it has reportedly been targeting for approximately a year. The firm's letter urges the company to address what it calls "long-term underperformance" and deficiencies in inventory management and capital spending.
Key demands from the activist investor include:
- The replacement of CEO Albert White, who has led the company since 2018.
- The appointment of a new chairman of the board.
- Engaging with potential buyers for its CooperVision contact lens division.
- Considering a sale of its CooperSurgical assets, which focus on women's health and fertility.
Market Context and Performance
AdThe Cooper Companies, which had a market capitalization of approximately $10 billion as of Thursday's close, has seen its stock price decline. According to the *Journal*, shares have fallen about 16% over the past year.
The stock has reportedly declined 28% since Jana first began pressuring the company. The activist's previous efforts included urging Cooper to explore a potential merger of its CooperVision business with rival Bausch + Lomb.
Potential Proxy Fight Looms
This latest push from Jana follows Cooper's third-quarter earnings report earlier this month. The timing suggests the activist may be preparing for a proxy fight to force changes on the board.
According to FactSet data cited by the *Journal*, the window for Jana to nominate its own slate of directors closes in early January. Such a move would allow shareholders to vote directly on the company's future leadership and strategy.
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