The Cost of Entrenchment – ValueWalk Premium
Chico’s FAS

The Cost of Entrenchment

  The Cost of Entrenchment by The Activist Investor

Entrenchment brings many costs. We think of all manner of indirect costs when executives appoint directors and control the election process. Directors in turn shield executives from shareholder scrutiny, the essence of entrenchment.

Costs include wasted capex, executive perks, excessive corporate expenses, and crappy deals. A couple of years ago, we proposed a framework for . . .

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