Past and present senior executives have hired a lawyer to take on four large institutional shareholders they accuse of trying to take over the company illegally and blocking a potential takeover. One of those is chief executive officer Matt Proud, according to a source familiar with the situation.
She didn’t disclose who the employees are but the source familiar with the situation said the group includes Mr. Proud, former chief legal officer Charlie MacCready and at least one other current senior executive. Both Mr. Proud and Mr. MacCready declined to comment, as did the company. Ms. Kushneryk didn’t reply to messages.
Engine managing partner Arnaud Ajdler said in an e-mail: “It’s clear that the board is unable to manage CEO Matt Proud as he grows increasingly desperate to maintain control of the company.” Mr. Ajdler added Mr. Proud “appears to now be weaponizing his employees to frivolously sue shareholders in a last-ditch effort to delay the upcoming annual meeting. The board should have stepped in to end this behavior a long time ago.
It also follows months of wrangling at the board over what if any actions to take against the four shareholders. Engine early this year launched an activist campaign asking for a special meeting to vote off three of the company’s seven directors and replace them with its nominees.
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