Proxy solicitor Morrow Sodali hires Schulman from MacKenzie

SandRidge Energy

22/01/2020 16:05

By Svea Herbst-Bayliss and Jessica DiNapoli
    BOSTON/NEW YORK, Jan 22 (Reuters) - Proxy solicitor Morrow
Sodali this week hired Paul Schulman from rival MacKenzie
Partners, a prominent shakeup in the tight-knit world of
vote-counting for corporate battles.
    Schulman will be co-head of Mergers & Acquisitions, Activism
and Contested Situations along with Michael Verrechia, a Morrow
veteran, according to his LinkedIn profile and two sources who
could not speak publicly about the personnel matter.
    A spokeswoman for Morrow, which worked with Newell Brands
 NWL.O  during its fight with activist investor Starboard and
dining chain Luby's  LUB.N  when it was targeted by Bandera
Partners, was not immediately available for comment.
    Schulman spent the last decade steeped in corporate battles
at MacKenzie where he was widely seen as one of founder Dan
Burch's top two lieutenants. Alongside Burch, Schulman worked on
corporate fights at Procter & Gamble  PG.N , SandRidge Energy
 SD.N  and Dell among others. He resigned on Tuesday.
    Separately Charles Koons, who had been a managing director
for Activism & Contested Situations at Morrow Sodali resigned
from Morrow last week to move to another position, two sources
said. Koons declined to comment.
    Last year was the biggest on record for campaigns by new
activist investors as newcomers joined seasoned veterans like
Nelson Peltz, Daniel Loeb, Barry Rosenstein, Jeffrey Smith,
Jesse Cohn, and William Ackman in pressing for changes at
corporations.
    The number of firms targeted decreased in 2019 but activism
is fast becoming a tool for investment managers to help make
their bets more valuable over time, widening the playing field
for firms like Morrow, MacKenzie and competitors Innisfree and
Okapi Partners who offer shareholder intelligence, strategic
advice and solicitation services to companies.

 (Reporting by Svea Herbst-Bayliss; Editing by David Gregorio)
 ((svea.herbst@thomsonreuters.com; +617 856 4331; Reuters
Messaging: svea.herbst.thomsonreuters.com@reuters.net))