WASHINGTON (dpa-AFX) - Activist investor JANA Partners, announced on Friday that it has sent a letter to the board of US medical device maker Cooper Companies, Inc. (COO), calling for an immediate external search for a new chief executive, the appointment of a new board chair and the evaluation of asset sales.
JANA criticized Cooper's chronic underperformance, citing weak forecast, repeated negative surprises, poor capital allocation and the removal of segment-level KPIs from incentives. The letter noted that CooperVision and CooperSurgical have failed to deliver acceptable returns.
The investor urged the board to consider selling CooperSurgical's fertility and medical device assets, engage potential buyers for CooperVision, revise compensation metrics and appoint new directors. It also called for a performance improvement consultant to drive cost savings in CooperVision's manufacturing and supply chain.
JANA said Cooper's shares have underperformed peers over one, three and five-year periods, leaving assets trading at a discount to their potential value under another owner.
In pre-market activity on the Nasdaq, shares of Cooper Companies were up 0.60 percent, changing hands at $54.10, after closing Thursday's regular session 1.53 percent lower.
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