Elliot Management Corporation, a hedge fund founded by current Chief Investment Officer Paul Singer, has used its 5% minority stake in Iron Mountain Inc.(NYSE: IRM) to recommend 4 candidates for its Board of Directors. In a letter to the company, Elliot Management stated that it believes the Board must “launch an in-depth review of the Company’s capital allocation and operational efficiency.”
Elliot Management seems to disagree with Iron Mountain’s CEO Bob Brennan, and the board, on their views that “driving top line growth is the number one priority at Iron Mountain.” Elliot feels that the market is mature and therefore further investment in growth may not produce the returns on capital that investors deserve.
On that note, Elliot Management has nominated candidates to the board to change the company’s strategy. The nominees include Ted R. Antenucci, Robert J. Levenson, Allan Z. Loren, and Harvey Schulweis.
Ted Antenucci currently serves as President and Chief Investment Officer of ProLogis Trust. Prior to joining ProLogis, he worked at Catellus Development Corp. where he was an Executive Vice President and then President.
Robert Levenson has served as a Managing Member of Lenox Capital Group since 2000, with experience in senior executive positions at many leading business services firms such as Automatic Data Processing Inc., First Data Corp., and Medco Containment Services Inc.
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