Macellum Advisors GP and Ancora Holdings Group, who beneficially own approximately 4.5 percent of the outstanding common shares of the Grand Rapids, Michigan-based SpartanNash Company, have issued a presentation that details the case for change in the company’s boardroom and summarizes what they say are their three director candidates’ superior qualifications relative to three long-standing incumbents.
The Investor Group has nominated three independent candidates for election to SpartanNash’s board of directors at the 2022 Annual Meeting of Shareholders. The Investor Group is seeking to replace three long-tenured directors who have presided over capital allocation decisions, corporate governance policies, financial and operating results and succession planning.
Macellum Capital Management is an activist investment firm with expertise in the retail and consumer sectors, founded in 2009 by Jonathan Duskin. Macellum invests in undervalued companies that it believes can appreciate in value as a result of a change in corporate strategy or improvements in operations, capital allocation or corporate governance.
Macellum’s investment team, advisors and network of industry experts draw upon their strategic, operating and boardroom experience to assist companies in designing and implementing initiatives to improve long-term shareholder value. Macellum prefers to engage with management to improve its governance and performance for the benefit of all shareholders.
However, when management is entrenched, Macellum has run proxy contests to effectuate meaningful change. Examples include The Children’s Place Inc., Citi Trends Inc., Bed Bath and Beyond and Big Lots Inc.
For more information, visit macellumcapitalmanagement.com.
Founded in 2003, Ancora Holdings Group offers integrated investment advisory, wealth management and retirement plan services to individuals and institutions across the U.S. The firm’s comprehensive service offering is complemented by a team that has the expertise and operational structure of a global institution, with the responsiveness and flexibility of a boutique firm.
For more information, visit ancora.net.
To read SpartanNash’s response to a May 2 press release from the Investor Group presented by The Shelby Report, click here.