An image published by Marcato alongside its statement on Buffalo Wild Wings.
“How many other mistakes have been made in management’s misguided efforts to preserve the status quo? Where is Board oversight? Who on the Board is proofreading management’s analysis? Where are the advisors? How much value has been destroyed thanks to sloppy ‘analysis’ like this? In our view, shareholders deserve board oversight and accountability, which they will get if they elect Marcato’s nominees to the Board on June 2, 2017,” he added.
Buffalo Wild Wings did not immediately respond to a request for comment.
Marcato, which owns 6.1 percent of the restaurant chain’s outstanding stock, has been pushing since July for Buffalo Wild Wings to franchise more of its restaurants and last week called for CEO Sally Smith to resign. In February, the hedge fund nominated McGuire and three other directors to the board, but Buffalo Wild Wings picked only one of Marcato’s suggestions.
Buffalo Wild Wings has since defended Smith’s performance, saying she has helped generate huge returns for shareholders. The restaurant chain also wrote a letter to shareholders accusing the hedge fund of attacking its board and management team.