Activist Calls for Cooper Cos. to Seek New CEO. What it Means for the Barron's Stock Pick.

Dow Jones

Sep 18

Shares of Cooper Cos. rose Friday after activist investor Jana Partners urged the medical-devices company to search for a new CEO and evaluate the sale of of a major business segment.

Cooper Cos. stock gained 0.2% to $53.90 in premarket trading on Friday after ending Thursday down 1.5%. Shares of the maker of contact lenses have fallen 34% and have declined 16% over the past 12 months.

That stock underperformance was a reason why Jana Partners demanded the company "immediately initiate" an external search for a new CEO while also evaluating the sale of its women's health and fertility business, CooperSurgical.

"The path to rehabilitation as a public equity starts with a new CEO," the activist hedge fund wrote in a letter Thursday. "Investor trust has been broken, and we believe confidence in Cooper's CEO is beyond repair."

"If the board has the misguided belief that a CEO change is unnecessary, we suggest it review the performance materials we are separately providing," Jana Partners added.

Barron's chose Cooper Cos. a stock pick on Aug. 7. Shares have declined 26% since then as of the closing bell on Thursday. The stock has fallen 29% since closing at $76.73 on Aug. 19, and has sharply dropped below key moving averages.

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Shares of the maker of contact lenses have fallen 34% and have declined 16% over the past 12 months. \n</p>\n<p>\n     That stock underperformance was a reason why Jana Partners demanded the company \"immediately initiate\" an external search for a new CEO while also evaluating the sale of its women's health and fertility business, CooperSurgical. \n</p>\n<p>\n     \"The path to rehabilitation as a public equity starts with a new CEO,\" the activist hedge fund wrote in a letter Thursday. \"Investor trust has been broken, and we believe confidence in Cooper's CEO is beyond repair.\" \n</p>\n<p>\n     \"If the board has the misguided belief that a CEO change is unnecessary, we suggest it review the performance materials we are separately providing,\" Jana Partners added. \n</p>\n<p>\n     Barron's chose Cooper Cos. a stock pick on Aug. 7. Shares have declined 26% since then as of the closing bell on Thursday. 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