Jana Partners urges The Cooper Companies to replace CEO Albert White and its board chair and consider asset sales. It cites inventory and capital allocation problems and threatens a proxy fight ahead of January's nomination deadline if Cooper doesn't engage.
Jana disclosed its stake roughly a year earlier; Cooper's shares have fallen about 28% since then. The activist wants the company to explore selling all or part of its CooperVision and CooperSurgical businesses.
CooperVision's third-quarter revenue was flat as U.S. channel inventory reductions weighed on results. Management expects fourth-quarter organic revenue for the segment to range from a 2% decline to no growth. Cooper reported third-quarter revenue of $1.07 billion, non-GAAP earnings up 4% and free cash flow up 66% to $273 million.
