A Record Number of Activist Shareholders Mount Campaigns at Global Firms in 2024
A record number of activist shareholders launched campaigns at global companies in 2024, a new report from Barclays has shown. The report revealed that 160 investors, including hedge funds, pushed companies to make significant changes, such as improving strategy and operations, or firing chief executives. This is an 18% increase from 135 investors in 2023, with 45 of these investors launching their first-ever campaigns.
The number of campaigns launched also surpassed the previous record of 249 in 2018, with a total of 243 campaigns in 2024. The data suggests that investors are no longer willing to wait for promised improvements and are demanding change from the companies they are invested in.
Notable activist investors, including Trian Fund Management, Elliott Investment Management, and Ananym Capital Management, launched high-profile campaigns at companies such as Walt Disney, Starbucks, and Southwest Airlines. Newcomers also made their mark, launching their first campaigns at companies like Henry Schein, Kinaxis, and Sotera Health.
The report also highlighted a shift in investor priorities, with more than a quarter of all campaign demands focusing on operational and strategic improvements, up from 19% in 2021. Only 22% of campaigns in 2024 asked for mergers and acquisitions, down from 43% in 2021.
The data also showed a record number of CEOs were replaced in 2024, with 27 departing their positions, up from 24 in 2023 and the four-year average of 16. Kohl’s, CVS Health, and Starbucks were among the companies that saw CEOs depart due to activist pressure.
The report’s authors believe that this trend is likely to continue, with more companies facing shareholder attacks in 2025 as investors’ returns and expectations for continued equity market strength embolden them. With the number of new global campaigns jumping 67% in the fourth quarter of 2024, the report suggests that this growth trend is heading into 2025.
