A while back I was reading up on private equity as an 'industry' after a prior employer was bought up by PE, carved into bits, with each 'chunk' being sold off to the highest bidder.
> Macellum’s campaign resulted in the addition of 4 of 13 directors. Also, as a byproduct of the pressure applied during the campaign, the company sold non-core assets equal to approximately 75% of the market capitalization. Macellum’s price objective were met and we exited the position at the beginning of 2021. Subsequently, a fractured board and new CEO were unable to oversee and execute the turnaround plan Macellum outlined during our campaign and results deteriorated.
> Macellum’s campaign resulted in the addition of 4 of 13 directors. Also, as a byproduct of the pressure applied during the campaign, the company sold non-core assets equal to approximately 75% of the market capitalization. Macellum’s price objective were met and we exited the position at the beginning of 2021. Subsequently, a fractured board and new CEO were unable to oversee and execute the turnaround plan Macellum outlined during our campaign and results deteriorated.