Story
Jana Partners Calls for CEO Ouster, Asset Sales at The Cooper Companies
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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