Marcato Capital Management officially files its proxy statement on Buffalo Wild Wings (BWLD +4.3%).
The activist firm nominates Scott Bergren, Sam Rovit, Lee Sanders and Mick McGuire to the BWLD board. The first three are restaurant industry execs, while McGuire is the managing partner at Marcato.
“Simply put, the financial and operational performance of Buffalo Wild Wings over the past several years has been inexcusable. Shares have underperformed virtually every relevant benchmark on a 1-year, 3-year, and 5-year basis, and restaurant margins are at their lowest level since the financial crisis,” maintains McGuire.
“The status quo is unacceptable – oversight and accountability must be restored and CEO Sally Smith must be replaced,” he adds.
Today’s rally pushes Buffalo Wild Wings back over $160 for the first time since December.
Previously: Marcato pushes for new chief at Buffalo Wild Wings (April 20)
Source: Press Release