Hedge Funds and C-Suites Weekly

Here’s your weekly roundup of the latest news from hedge funds and corporate leadership changes.

Aveanna Healthcare Holdings Inc, whose stock has plummeted 89% this year, has announced the appointment of Jeff Shaner, the current COO, as its new CEO. Tony Strange, the existing CEO, will retire at the year’s end. Shaner expressed enthusiasm for his new role, stating, "I am looking forward to further building on the rock-solid commitment we have to clinical excellence and value creation here at Aveanna." Following the announcement, shares rose by 6.9% for the week.

Honest Company Inc saw a surge on Tuesday after confirming that Carla Vernón, a former executive from Amazon and General Mills, will take over as CEO effective January 9, 2023. This transition is part of a strategic succession plan, as Nick Vlahos, the current CEO, steps down from day-to-day operations after almost six years but will remain on the Board of Directors. The company’s shares increased by 11% for the session and were up 4.1% for the week.

Jeld-Wen Holding Inc experienced a 5% decline in its stock price following the announcement of William Christensen as the new CEO, succeeding Gary Michel, who resigned earlier this year. Christensen replaces interim CEO Kevin Lilly. Board Chair David Nord remarked that Christensen’s background and experience in the building products industry make him well-suited for the role.

Gold Fields announced that Chris Griffith will resign from both the Board of Directors and his position as CEO effective December 31, 2022. Martin Pierce will take over as CEO. In a statement, company spokesperson Yunus Suleman expressed disappointment about the failure of a merger with Yamana, which was expected to create considerable value for shareholders. Gold Fields shares fell by 5.2% for the week.

In hedge fund news, noted investor Michael Burry, famous for his "Big Short" investment strategy, tweeted midweek, drawing parallels between the current market and the early 2002 scenario with WorldCom, implying caution amidst current market conditions.

Crown Holdings Inc announced a partnership with Carl Icahn’s firm to appoint two new independent directors, Jesse Lynn and Andrew Teno, effective immediately. Icahn Enterprises owns 8.5% of Crown’s outstanding common stock, leading to a 2.8% share price increase on Tuesday’s opening, with marginal gains for the week.

Additionally, firms like Fir Tree and Viceroy are reported to have taken short positions against certain stocks, while Brevan Howard managed to limit its losses during the recent crypto downturn, reporting around a 5% loss.

This roundup highlights significant movements in both corporate management and investment strategies, underlining the dynamic nature of the financial markets.