The Financial Post reports in its Wednesday edition that Canaccord Genuity Group is adding activist investor Eric Rosenfeld to its board next month. A Bloomberg dispatch to the Post reports that Mr.
Rosenfeld, chief executive officer of investment firm Crescendo Partners LP, is one of two new independent directors nominated for election to Canaccord Genuity's board at the firm's annual investor meeting on Aug. 6. He holds 1.36 million shares of Canaccord Genuity, about 1.3 per cent of the firm, according to regulatory filings.
Since founding Crescendo in 1998, Mr. Rosenfeld and his firm have prompted changes at companies including beverage maker Cott, Canadian construction firm Aecon Group and aerospace manufacturer Spar Aerospace, using a playbook that includes taking up minority interests in firms, gaining board positions and pushing for management change.
Canaccord chairman David Kassie says, "Eric is an accomplished professional investor and director with experience spanning multiple industries, and we look forward to his perspectives." Canaccord generated a return of 16.7 per cent over the five-year period ended July 17, compared with a 30-per-cent return for the S&P/TSX Financials Index.
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