According to Reuters, Buffalo Wild Wings, Inc. (NASDAQ: BWLD) announced that Chief Executive Officer Sally Smith will retire before the end of the year as shareholders voted three activist hedge fund nominees onto the company’s board. Although a near year-long effort to fend off Marcato Capital Management, shareholders wanted a change.
Marcato Capital Management had publicly launched a campaign on Buffalo Wild Wings last July that pressured Smith and the board to pursue strategies that the hedge fund believed it would boost the company’s share value.
The hedge fund’s board nominees elected at the shareholder meeting were former Pizza Hut CEO Scott Bergren, Mcguire and restaurant industry veteran Sam Rovit, Buffalo Wild Wings disclosed in a statement, soon after its announcement of Smith stepping down.
Marcato had targeted three of nine directors up for election who are, Cynthia Davis, Oliver Maggard and Jerry Rose. The other company nominees were uncontested.