Record Number of Activist Investors in 2024
In 2024, there was a significant rise in activist shareholder campaigns globally, with 160 investors, including 45 newcomers, pushing for strategic changes in companies, according to a Barclays report. This marks an 18% increase from 2023. Key campaigns included efforts by Trian Fund Management at Walt Disney, Elliott Investment Management at Starbucks and Southwest Airlines, and new activist entries like Ananym Capital Management and Daventry Group. The focus has shifted notably towards operational and strategic improvements, with 26% of demands in this category, compared to 22% for mergers and acquisitions (M&A). Activists also increasingly targeted CEOs, leading to a record 27 replacements. High-profile CEO exits included those at CVS Health and Norfolk Southern. The United States saw nearly half of all global campaigns, with a 6% rise from 2023, while Asia-Pacific regions, notably Japan, South Korea, and Australia, experienced a boom in activist activity. The data suggests an upward trend heading into 2025, as robust returns and a favorable market environment encourage more activist involvement.