LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

Barington pushes for independent chair at Bloomin' Brands

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Tue, Oct 23, 2018
02:30 am
Reuters
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

Activist investor Barington Capital Group L.P. on Monday turned up the heat on Outback Steakhouse owner Bloomin` Brands Inc`s board by urging it to hire an independent chair to push management to spin off three smaller restaurant chains.

The New York-based hedge fund said Bloomin` Brands chief executive, Elizabeth Smith, who also serves as board chair, has held the company back, blaming her for a lagging stock price, lower revenue growth and a lack of strategic focus.

Now Barington is pressuring not only management to make better operational decisions but also the board to bring in someone who can oversee management more effectively.

Barington asked the board "to appoint an independent Chairman to help improve Board oversight of management and the strategic direction of the Company" in a letter seen by Reuters.

Bloomin` Brands` lead independent director James Craigie said the board is "actively engaged in overseeing the strategy of the Company," and supports management and its successful ongoing efforts.

Barington wants Bloomin` Brands to hire a strategic adviser and to spin off Bonefish Grill, Carrabbas and Flemings into a new company. Outback, a more casual steakhouse chain, should be operated separately, the hedge fund said.

Barington has not called for Smith to be replaced as CEO but pointed to shortcomings in its seven-page long letter.

"Smith has failed to create meaningful long-term value for shareholders during her tenure as a public company CEO," Barington wrote. It is concerned "that Ms. Smith has not announced measures to improve the Company`s strategic focus," the fund said, adding "A more focused management team would perform substantially better."

Barington first raised concerns with Smith in February. The fund said Smith has declined to meet or speak in person. The fund has spoken with the chief financial officer and an investor relations executive and the company said there have been seven discussions with Barington.

It urged the board to add other independent directors and offered to supply names.

Bloomin` Brands stock has fallen 8.34 percent this year and was trading at $19.85 on Monday. In February, Barington forecast the price could climb to roughly $41 a share if its suggestions were followed.

While a number of activist investors have called for the ouster of a CEO even at the outset of campaigns, Barington prides itself on working collaboratively with target companies and has run only seven proxy contests during its 18-year long life-time.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

LATEST NEWS

PUBG Mobile 1.3 global update: Check expected release date, beta APK download link and more!

Headline: Value vs Growth - What is ahead? I Details highlighted here

Petrol-diesel rates, LPG cylinder price hike! Rs 21 lakh crore collected from excise duty, cess, Mallikarjun Kharge reveals

Trading in Rakesh Jhunjhunwala Stocks II Technical’s decoded by Bonanza Portfolio

GST Taxpayers' alert: CBIC issues deadline! File your return before THIS date to avoid late fee and interest

MTAR Technologies IPO Subscription details: Retail investors expect bumper listing

NEET 2021 exam: Students don't miss to check the latest update on exam dates, eligibility criteria, registration process and all you need to know before appearing in the exam!

On Anil Singhvi's show, Jay Thakkar reveals affordable option strategy II Earnings high, but margin, risk and brokerage low

Easy Trip Planners IPO date: Ventura Securities highlights details

Mid-Cap Picks with Anil Singhvi: Jay Thakkar recommends IOL Chemicals, IRB Infra and Heidelberg Cement for good returns

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved