Los Angeles-based investment firm Browning West released a public letter to CAE’s board announcing it has taken a 4.3 per cent stake in the aerospace company. The investor hopes to participate in the recruitment of a new CEO for the company, which it says has underperformed over the past five years. CAE’s stock rose over 4.5 per cent on the Toronto Stock Exchange. (The Logic)
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Los Angeles-based investment firm Browning West released a public letter to CAE’s board announcing it has taken a 4.3 per cent stake in the aerospace company. The investor hopes to participate in the recruitment of a new CEO for the company, which it says has underperformed over the past five years. CAE’s stock rose over 4.5 per cent on the Toronto Stock Exchange. (The Logic)
Talking point: It has been a record-setting year for activist investor campaigns, including at Canadian companies Dye & Durham and WonderFi. Browning West was also a driving force in the shareholder battle at Canadian activewear company Gildan. In CAE’s case, Browning West says a new CEO will be critical to “reclaim its status as a Canadian, Quebec-based aerospace champion.” CAE CEO Marc Parent announced plans to step down last month, amid what CIBC Capital Markets described as “inconsistent execution” over the past two years. CAE spokesperson Samantha Golinski said CAE is engaging with its largest shareholders and that it has hired a firm to run its CEO search.
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