On Friday, shares of restaurant giant Buffalo Wild Wings are popping, up about 5.5% in afternoon trading after the company’s CEO, Sally Smith, announced she would retire before the end of the year.
Smith has been serving as CEO for almost 21 years, but withdrew her candidacy from election to the board at the company’s 2017 annual shareholders meeting; her departure comes after activist investor Marcato Capital Management, which controls a nearly 10% stake in Buffalo Wild Wings, won a battle to overhaul the company’s board.
Buffalo Wild Wings has also been under pressure recently from Marcato, and at the meeting on Friday, three of Marcato’s board nominees were elected to the restaurant company’s board. Investors voted to add Scott Bergen, Sam Rovit, and Mick McGuire, notes CNBC.
"We are very pleased that our fellow Buffalo Wild Wings shareholders recognize that additional change on the Board is warranted to return Buffalo Wild Wings to a path of growth and long-term value creation," McGuire said in a statement.
"We will bring the fresh perspectives, restaurant industry expertise and oversight the Buffalo Wild Wings Board needs to spearhead improvements at the Company,” he continued.
Currently, BWLD is a #3 (Hold) on the Zacks Rank, with a VGM score of ‘A.’ Shares of Buffalo Wild Wings are down about 3% year-to-date.
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Here's Why Buffalo Wild Wing (BWLD) Shares are Popping Today
On Friday, shares of restaurant giant Buffalo Wild Wings are popping, up about 5.5% in afternoon trading after the company’s CEO, Sally Smith, announced she would retire before the end of the year.
Smith has been serving as CEO for almost 21 years, but withdrew her candidacy from election to the board at the company’s 2017 annual shareholders meeting; her departure comes after activist investor Marcato Capital Management, which controls a nearly 10% stake in Buffalo Wild Wings, won a battle to overhaul the company’s board.
Buffalo Wild Wings has also been under pressure recently from Marcato, and at the meeting on Friday, three of Marcato’s board nominees were elected to the restaurant company’s board. Investors voted to add Scott Bergen, Sam Rovit, and Mick McGuire, notes CNBC.
"We are very pleased that our fellow Buffalo Wild Wings shareholders recognize that additional change on the Board is warranted to return Buffalo Wild Wings to a path of growth and long-term value creation," McGuire said in a statement.
"We will bring the fresh perspectives, restaurant industry expertise and oversight the Buffalo Wild Wings Board needs to spearhead improvements at the Company,” he continued.
Currently, BWLD is a #3 (Hold) on the Zacks Rank, with a VGM score of ‘A.’ Shares of Buffalo Wild Wings are down about 3% year-to-date.
Interested in the other top stories of the week? Listen to Zacks Friday Finish Line to catch up on the week’s financial and investment news.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look. See the pot trades we're targeting>>