It was great to see Ross Kerber’s “Special Report” yesterday in the Baltimore Sun and other Reuters outlets entitled Economy-class activist investor crashes the corporate party. While Carl Icahn and Dan Loeb have the money that brings ready attention, it is good to see the spotlight shine on this “small” retail shareowner who has both filed and won more proposals than any individual or institution in history.
Chevedden’s wealth may be small in comparison to well-publicized activists but the scope of his tactics is huge. While the rich grab headlines when they buy 10% of a large company and demand stock buybacks, John Chevedden has been working almost below the surface with $2,000 – $3,000 investments. He’s been winning what I view as more significant long-lasting reforms like getting rid of poison pills, eliminating supermajority requirements, having all directors stand for a vote each year, limiting pay abuses, separating CEO and chair positions, etc. I ran a quick report using SharkRepellent.net and came up with a list of 430 proposals, not counting others, such as my own, which he has generously assisted with and I didn’t go back very far. See the list at the bottom of this post. Continue Reading →