Listen to this article 3 min
C.H. Robinson Worldwide Inc. (Nasdaq: CHRW) has struck a new deal with Ancora Advisors, the activist investor group, as it searches for a new chief executive after firing its former CEO at the start of 2023.
The Wall Street Journal has a report on the accord, known as a standstill agreement, between Eden Prairie-based C.H. Robinson and Ancora that renews a deal inked on Feb. 28, 2022. Under the agreement, Ancorca Advisors got two seats on C.H. Robinson's board and agreed not to launch a proxy fight against the company.
You can read more details about the standstill agreement in C.H. Robinson's SEC filing disclosing the deal.
The deal was signed Jan. 6, days after C.H. Robinson ousted former CEO Bob Biesterfeld. Scott Anderson, chair of the Eden Prairie-based company's board of directors, has been named interim CEO. The board also hired search firm Russell Reynolds to assist in the process of finding a permanent replacement.
The Journal report notes that a potential successor could already be nearby. JPMorgan Chase & Co. analysts wrote in a research note this week that Jim Barber, a former UPS executive who joined C.H. Robinson's board in late 2022, is "highly regarded as a logistics operator who helped turnaround U.S. peak season problems at UPS" while he was chief operating officer at UPS.
There's no comment from Barber, while C.H. Robinson Chair Jodee Kozlak said the company was conducting and "open and inclusive" search for a new CEO.
Revenue from continuing operations from the trailing four quarters
| Rank | Prior Rank | Name |
|---|---|---|
1 | 1 | UnitedHealth Group Inc. |
2 | 2 | Target Corp. |
3 | 3 | Best Buy Co. Inc. |
