Activist investor Jana Partners sent a letter to The Cooper Companies' board demanding an immediate search for a new CEO to replace Albert White. The firm also called for the appointment of a new board chair and a comprehensive strategic overhaul.
Jana cited chronic underperformance and inventory management issues as primary reasons for the requested changes. The firm highlighted a recent strategic review of the CooperSurgical unit that concluded without a sale.
The investor is pushing the board to evaluate selling CooperSurgical’s fertility and medical device assets. Jana also urged the company to engage with potential buyers for its CooperVision business.
Cooper Companies concluded a separate nine-month strategic review on September 9. The company decided to retain CooperSurgical and increased its share repurchase authorization to $3 billion. The company's stock has declined significantly year-to-date.