Boardroom Alpha’s 2026 ranking of every U.S. public-company CEO paid $25M+ in fiscal 2025 — 207 in all, led by Welltower Inc’s $821.1M package, which drew just 19% Say-on-Pay support. Sortable table, pay-vs-performance, and board grades.
Insight that Drives the Boardroom
Stay ahead with data-backed research, governance analysis, and expert commentary for investors, activists, and corporate leaders.
Activism & Governance
Why Lululemon Settled: The Signals That Pointed to a Deal, Not a Vote
Chip Wilson won’t get the clean victory he sought — or the defeat the board wanted to hand him. He gets a settlement. We read the dynamics that produced it.
2026 Proxy Season Scorecard: Six Say-on-Pay Failures, AI Lands on Mega-Cap Ballots, and the Anti-ESG Pile-Up
Through May 21, 2026, U.S. public-company shareholders rejected six annual-meeting Say-on-Pay packages outright, voted against 18 directors at 14 companies, and crushed dozens of mega-cap shareholder proposals at sub-3% support. Plus: AI proposals filed at Alphabet, Meta, Walmart, and IBM; the split verdict on special-meeting rights; the activist-vote scorecard from four 2026 director-slate contests.
Viasat Agrees to Add Two Carronade-Backed Directors
Viasat Inc. (VSAT) has entered into a cooperation agreement with Carronade Capital Management, expanding its board from eight to ten directors. This agreement comes as Viasat trails the S&P 500 by 6 points on a five-year CAGR basis. Carronade, holding a 3.8% stake, secures two independent board seats.
Impactive Capital Secures Full Three-Seat Slate at WEX
Impactive Capital has reached a cooperation agreement with WEX Inc., securing all three board seats it sought. The agreement follows a proxy contest and addresses WEX’s underperformance, trailing the S&P 500 by 24 points on a three-year CAGR basis.
Beretta Holding Gains Two Seats at Sturm Ruger After Proxy Fight
Sturm, Ruger & Co. Inc. (RGR) and Beretta Holding S.A. have reached a cooperation agreement granting Beretta the right to appoint two independent directors post-2026 Annual Meeting. This move follows Beretta’s campaign for boardroom change, highlighting governance and performance issues.
Weekly Boardroom & Executive Moves: May 1, 2026
This week, significant leadership changes occurred across several companies facing financial difficulties. Abbott Laboratories (ABT) and Agilon Health Inc (AGL) appointed new board members and executives amidst high activist risks and declining TSRs. Accuray Inc (ARAY) and ALT5 Sigma Corp (ALTS) also saw key executive departures and appointments as they navigate substantial TSR declines. These shifts highlight the ongoing challenges and strategic redirections needed to stabilize operations and improve shareholder value.
Appaloosa Unloads on Whirlpool
In a blistering letter, Appaloosa Management’s David Tepper accused Whirlpool (NYSE: WHR) of “destroying hundreds of millions of dollars of shareholder value” through a dilutive recapitalization strategy that he claims prioritizes management’s job security over investor returns. Will Tepper’s push be successful or will shareholders continue to suffer?
Beretta Seeks (and Will Likely Get) a Boardroom Overhaul at Sturm, Ruger & Co.
Beretta Holding S.A. moves for board control at Sturm, Ruger & Co. (RGR), citing underperformance and a board that is only out for themselves.
PENN Entertainment Settles Bitter HG Vora Feud: A Three-Seat Ransom to End Litigation
After a 2025 proxy battle that moved from the ballot box to the federal courtroom, PENN Entertainment has finally blinked. By expanding its board to 11 seats and appointing three HG Vora-backed directors, PENN has traded immediate board influence for a tactical peace. But is this a strategic refresh or a “boardroom receivership” meant to audit the company’s struggling digital pivot? We go behind the 8-K to break down the winners, the losers, and the “ransom” paid to end the most contentious saga in gaming today.
SPAC & IPO Analysis
SPAC Market Update June 3, 2026: KEYY, APMC, AESP Price $500M of SPAC IPOs
Keystone Acquisition Corp. (KEYY), AmperCap Acquisition Co (APMC), and Aeon Acquisition I Corp (AESP) priced SPAC IPOs on June 3, 2026, raising $500M combined. KEYY led at $250M, with APMC and AESP each raising $125M, lifting June MTD issuance to 3 IPOs for $500M through 3 sessions.
SPAC Market Update June 2, 2026: Three SPAC Deals as REEcycle Holdings, OpenPayd, and Mobilewalla Look to Go Public
Live Oak Acquisition Corp V (LOKV) entered a forward purchase agreement with HB Strategies on June 2, 2026 to reduce redemptions in its Teamshares merger. Separately, International Media Acquisition Corp (IMAQ) deposited $2,000 to extend its business-combination deadline from June 2, 2026 to July 2, 2026.
SPAC Market Update June 1, 2026: SSAC to Merge with Mobilewalla, RDAC Extension Approved
Spacsphere Acquisition Corp (SSAC) announced a merger with Mobilewalla, a data and AI company operating a proprietary consumer data AI platform, on June 1, 2026. Separately, Rising Dragon Acquisition Corp (RDAC) won an extension to October 15, 2027 after 1,903,823 shares were redeemed.
SPAC Market Update May 29, 2026: BID Prices $140M IPO; QSEA, CUB Set Extension Votes
Tribeca Strategic Acquisition Corp. (BID) priced a $140M SPAC IPO on May 29, 2026. Tribeca Strategic Partners Holdco LLC sponsors the vehicle, which targets software, technology, artificial intelligence, digital assets, and clean energy.
SPAC Market Update May 28, 2026: CGCT Deal Approval, $239.96M Redemption Update
Cartesian Growth Corp III (CGCT) reported about $239.96M redeemed from trust on May 28, 2026 after shareholders approved its merger. CGCT’s vote outcome was marked deal approved, and Lionano SE Inc. was listed as the target company.
SPAC Market Update May 27, 2026: NHIC-Newcleo, TDAC-ProLogium Deals, DGAC Prices $150M
Newhold Investment Corp Iii (NHIC) and Translational Development Acquisition Corp (TDAC) announced mergers on May 27, 2026, and Disciplined Growth Acquisition Corporation (DGAC) priced a $150M IPO. NHIC targets Newcleo Ltd in advanced modular nuclear reactors; TDAC targets ProLogium in lithium ceramic batteries.
SPAC Market Update May 26, 2026: GIG DeSPACs as Hadron Energy (HDRN) + Lakeshore Acquisition III Deal
Hadron Energy (HDRN) began trading as a DeSPAC on May 26, 2026, bringing a modular micro-reactor developer public. The company targets AI data centers, remote communities and industrial hubs. May issuance totals 18 SPAC IPOs for $2,374M through 26 sessions.
SPAC Market Update May 22, 2026: BRKH, PECE Price $140M of SPAC IPOs
BurTech Acquisition Corp II (BRKH) and Peace Acquisition Corp. (PECE) priced 2 SPAC IPOs on May 22, 2026, raising $140M combined. BRKH targets real estate, infrastructure and lifestyle brands; PECE targets businesses across Asia, excluding Mainland China, Hong Kong and Macau.
SPAC Market Update May 21, 2026: OHAC, APUR, FXAC $325M IPO Trio
Three SPAC IPOs priced on May 21, 2026, with OHAC, APUR and FXAC raising $325M combined. OHAC led the group at $160M, APUR added $90M and FXAC raised $75M, lifting May MTD issuance to 16 IPOs for $2,274M through 21 sessions.
SPAC Market Update May 20, 2026: PPHP Extends, 5.33M Shares Redeemed at Best SPAC I
PHP Ventures Acquisition (PPHP) used a $957.30 sponsor deposit to push its combination deadline to June 16, 2026. The extension came as deal amendments, rather than new merger announcements or IPO pricings, carried the SPAC docket on May 20, 2026.