Market Cap: $3 billion| Envestnet, Inc., together with its subsidiaries, provides wealth management software and services in the United States and internationally.
Background
On November 15, 2022, Impactive Capital (7.2%) issued a press release and sent an open letter to the Board regarding its concerns with the company’s long-term underperformance, lack of shareholder alignment, poor Board governance, and disingenuous shareholder engagement. In the press release and letter, Impactive Capital stated they may consider nominating a slate of directors at the next AGM if Ms. Wolfe is not immediately appointed to the Board.
On January 4, 2023, Impactive Capital (7.5%) nominates a slate of four director nominees for election at the 2023 AGM. Impactive firmly believes in Envestnet’s business and the Company’s considerable future potential. Source
Update
On March 27, 2023, the company announced the appointment of three new independent directors to its board. Barbara Turner, former CEO of Ohio National Financial Services, Lauren Taylor Wolfe, Co-Founder and Managing Partner of Impactive Capital and Wendy Lane, a member of the Verisk Board of Directors, were appointed to the board effective as of March 27, 2023. The appointment of Ms. Wolfe and Ms. Lane was made in connection with a cooperation agreement it has entered with Impactive Capital.
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