Owen has served on the board of directors of Carr Properties, a private real estate investment trust, since 2013, ... Stephen Spruiell Elliott Management Corporation (212) 478-2017 AT&T is unquestionably one of the world’s most important companies and one of America’s proudest technological stories. Beyond the significant share-price upside, the business benefit – to again see a strong and thriving AT&T for customers, employees and everyone who depends upon this Company – is also clear. WarnerMedia has similarly suffered from alarming executive turnover, a particularly troubling pattern given the very different nature of its businesses compared to those in which AT&T has historically operated. However, such depressed valuations, when found in conjunction with stellar assets, also give rise to unique investment opportunities. 40 WEST 57TH STREET, NEW YORK, NY . Since the 1987 stock market crash and early 1990s recession, however, the firm has transitioned into a multi-strategy hedge fund. AT&T has taken some early steps in this direction, but more needs to be done. AT&T has been a disappointing investment for its shareholders relative to nearly any benchmark. Elliott immediately started dismissing board members at Rossoneri Sport Investment Lux, which is the company that controls AC Milan. Elliot eventually asset stripped the company's overseas properties and any equity left in the Companies vessels. Early in its history, Elliott focused on convertible arbitrage, refocusing primarily on distressed debt investing following the 1987 stock market crash and early 1990s recession. [91], Baltic Exchange London Private Members Report April 2016, "The largest managers of hedge funds (P&I Sep 2019)", "Elliott Management: What is it, and who is behind it? Elliott stated it had accumulated $3.2 billion of AT&T stock (1.2% equity interest). [88] Brice Mackosso, a campaigner for greater transparency and against corruption in the Congo Republic's government, stated that if it were not for funds like Elliott, "we would not know any facts about the way our country’s wealth is being taken away. [57] As of September 2016, it held a 5.4% stake in the company and is the third-largest shareholder. [81], Since 2010, Elliott Management has expanded into investing in distressed real estate. It is also one of the largest activist funds in the world. ", This page was last edited on 10 January 2021, at 17:19. It was never intended for board directors to be directly involved in the daily operations of a corporation, and they certainl… One can’t help but wonder whether AT&T’s difficulties at DirecTV were compounded by this lack of management continuity and experience. The purpose of today’s letter is to share our thoughts on how AT&T can improve its business and realize a historic increase in value for its shareholders. The board of directors is directly hired by the stockholders. By successfully executing on its ongoing initiatives – such as winning in 5G, improving broadband connectivity, and building a robust direct-to-consumer offering – AT&T will continue to improve the lives of these individual customers and businesses, all of whom are served by nearly a quarter of a million hard-working AT&T employees. Moreover, it is competing in these arenas on the largest scale possible: Each of these “business units” is either the first- or second-largest player in its industry, and each of AT&T’s four primary business lines would be a large-cap company on its own. [43] "Buried within Hess Corp. is one of the premier U.S. resource play-focused companies," Elliott wrote. In addition to these benefits, optimizing the cost structure allows companies to increase their competitiveness for new and existing business. Elliott trades in securities across the capital structure and often will take a leading role in event-driven situations to create value or manage risk. By eliminating wasteful spending and reprioritizing a portion of those dollars towards these high-potential investment priorities, AT&T will ensure that its attention and resources are properly directed and best position itself for future success. In December, Alexion's board unanimously rejected a recommendation by Elliott to immediately launch a proactive sale. Maidenhead LLC and Warrington LLC are US entities that are controlled by Singer. [3][4] By 2009 "more than one-third of Elliott’s portfolio was concentrated in distressed securities, typically in the debt of bankrupt or near-bankrupt companies. [78], On June 7, 2019, Elliott Management announced it would acquire Barnes & Noble for around $683 million. Appointed: February 2020 Experience Samantha Algaze is a Portfolio Manager at Elliott Management Corporation where she works on investments spanning multiple industries. Investor confidence, once lost, is hard to win back. The project would be carried out by GFI Capital Resources, a New York real estate company. Ms. Algaze is a Portfolio Manager at Elliott Management Corporation, a New York-based investment firm, where she works on investments spanning multiple industries. As Moffett Nathanson summarized: “The decline in AT&T’s shares over the last few years has been more than just a referendum on strategy. When combined with the other elements of the Plan, AT&T will be de-levering and reducing its share count at a time of substantial earnings growth, thereby generating significant value for shareholders. A mid double-digit total return profile would be roughly twice that of Verizon’s and even greater than the S&P 500’s. PHOENIX, Feb. 2, 2021 /PRNewswire/ -- Today PetSmart Charities, the foremost funder of animal welfare in North America, announced the appointment of Elliott Francis to its Board of Directors. Director since 2018. Elliott Management Corporation (Elliott), which manages funds that collectively own common stock and economic equivalents representing approximately a 2.5% economic interest in Marathon Petroleum Corporation (the Company or Marathon), today sent a letter and presentation to the Board of Directors of Marathon. [67], In November 2017, Elliott and UBS Group AG collaborated in an effort to bring up the purchase price of NXP Semiconductors NV, which Qualcomm was seeking to buy. Proposals to separate the Chairman and CEO roles have arisen repeatedly at AT&T in prior years, and at this year’s Annual Meeting, despite the Board’s recommendation “Against” this proposal, 41% of shareholders who voted on the proposal voted in support of separation. James Daunt will remain as chief executive. Click the following link to view Activating AT&T Plan Results (Excluding Any Portfolio Actions): https://activatingatt.com/image14. In a world of exponentially increasing connectivity, data usage and content consumption, AT&T – despite the setbacks and issues highlighted above – remains important and valuable. Originating in 1984 as the smallest of the Baby Bells, Southwestern Bell (later renamed SBC) quickly embarked on an aggressive yet focused strategy of growth and execution. [15], The firm is currently closed to new investors. The Board also bears responsibility for the Company’s strategic choices, operational execution and performance. With management much more deeply involved in the detail and operations of the organisation, board members rely on management to share in a timely manner all material information needed for decision making to allow them to effectively fulfil their obligations as directors. Elliott Management Corporation. The large scale of our investment reflects our deep conviction in the extraordinary value opportunity realizable at AT&T today. [58], On May 4, 2016, Elliott sent a letter to CDK Board of Directors outlining steps they felt were required in order to meet projected ROI and margins. These fears were very recently highlighted by the announced (and surprising) departure of the CEO of AT&T Communications – a collection of wireless, wireline and entertainment assets which account for ~80% of the entire Company’s sales. [50], In summer 2014, Elliott disclosed a 6.7% stake in Interpublic Group of Companies, an ad agency holding company, and "a person briefed on the matter said Elliott planned to call on the company to sell itself to one of its competitors". There is no greater Board responsibility than to evaluate the skills and experience necessary to lead AT&T, with its current mix of assets, into the future. [75], In April 2018, Elliott bought a majority stake in Waterstones, leaving Alexander Mamut's Lynwood Investments with a minority holding. With the right execution and oversight, AT&T’s businesses can generate significant value. Nearly 150 years after its founding, AT&T remains a vital steward of global infrastructure, serving more than 370 million direct-to-consumer relationships and employing more than 250,000 people across virtually every country in the world. [65], In July 2016, Elliott persuaded the PulteGroup, a home builder in which it owns 4.7%, to add three new board members, cut investments in new land, and buy back shares. The inside directors are the directors that have been hired from the inside of the company, whereas the outside directors are directors that have been brought on from the outside, i. Such margin degradation would be disappointing in isolation, but it is particularly concerning given that it occurred alongside AT&T’s claims to have identified more than $2.5 billion of synergies, or more than 500bps of margin improvement, during the same period. Ms. Algaze joined Elliott in 2013 after working at H.I.G. The spread relative to Verizon has widened meaningfully, and today’s more than 4% premium to the 10-year Treasury rate represents its widest spread yet. Elliott Management Nominates Independent Directors to Compuware Corporation (CPWR)’s Board Published on January 13, 2014 at 10:37 am by Ben Alberstadt in Hedge Fund Analysis , … Sears is now owended by Transformco Holdings Corporation’s subsidiary, Sears, ... Director, Executive Member Support 3333 Beverly Road Hoffman Estates, IL 60179 ... Elliott Advocacy works with forward-looking companies who want to be associated with our advocacy mission. We are confident in the value opportunity for shareholders and stakeholders alike; believe the Plan is readily actionable today; and look forward to working with management and the Board in order to make this opportunity a reality. The results, too, differed from AT&T’s current situation: From 1984 through Whitacre’s retirement in June 2007, AT&T shares returned over 2,000%, handily outpacing the results of either the S&P 500 or AT&T’s primary competitor, Verizon. It also represents a departure from the approach articulated in 2007 by the Company’s Chairman and CEO at his first analyst day after being named to that position: “When there’s a temptation to want to launch off into areas that may not be closely tied to our strengths or which are going to distract us from an operational focus, that won’t happen.”. We are writing to you on behalf of Elliott Associates, L.P. and Elliott International, L.P. (together, “Elliott” or “we”). This underperformance also holds for AT&T’s Total Shareholder Return (“TSR”, stock price plus dividends). Look to the definitions between a board and governance for the first clue as to the differences between them.. A board is an organized group of people with the collective authority to control and foster an institution that is usually administered by a qualified … [70][71], As of August 2017, Elliott owned enough of Energy Future Holdings's debt to block a Berkshire Hathaway takeover bid, which had made an offer the previous month to salvage the heavily indebted firm. Whitacre’s strategy was successful – the Company had a clear strategic rationale for the assets it acquired and a plan to execute across the business as a whole. As AT&T is currently making critical business and capital allocation decisions, it is our strong view that this review should commence without delay. "[82], In 2013, Elliott Management teamed up with Time Equities on a 63-story commercial and real estate project in New York, and took an ownership stake in Silverpeak Real Estate Finance, a commercial real estate lender. The letter, addressed to the Company’s Board, noted that the opportunity could lead AT&T to a $60+ per share value by the end of 2021, representing a 65%+ upside to today’s share price. Samantha Algaze is a Portfolio Manager at Elliott Management Corporation where she works on investments spanning multiple industries. In fact, AT&T’s underperformance has been so severe and disappointing that it was dropped from the Dow Jones Industrial Average in 2015, an index that has included AT&T and its predecessors since 1939. The Board must have in place independent leaders who will hold management accountable. Much is riding on AT&T’s long-term prosperity, and we believe the Plan outlined above – especially its emphasis on fewer distractions and greater focus on running AT&T’s mission-critical businesses as well as possible – is the best way to ensure that this goal is met for generations to come. "[83] After Elliott's investigations produced evidence of corruption, the government settled for an estimated $90 million on debt for which Elliott paid less than $20 million. As of the first quarter of 2015, Elliott's portfolio is worth over $8 billion. In 2002 and 2003, a British court awarded Elliott more than $100 million for these debts. Click the following link to view Relative Total Shareholder Return: https://activatingatt.com/image2. Over the past decade, AT&T’s TSR has lagged the S&P 500’s TSR by well over 100 percentage points. Samantha Algaze serves as Chairman of the Board of Managers of Claire’s Holdings LLC. From consumers who turn to AT&T for their phone calls, internet, television or content, to businesses that depend on the Company to connect employees, suppliers, partners and customers, AT&T makes daily life possible for hundreds of millions of people. Highlights Readily Achievable $5 Billion Value Creation Opportunity. "[5] Elliott has widely been described as a vulture fund. After several years of legal and shareholder battles, P&G raised its offer for Wella AG for all preferred shareholders. While we look forward to sharing our primary diligence with the Board, a few data points are easily observable. Given the amount of work to be completed across multiple dimensions, AT&T would benefit from having a smaller, dedicated subset of directors specifically focused on overseeing the strategic and operating reviews called for in the Plan. In his final letter to shareholders in AT&T’s 2006 annual report, Whitacre opened by saying “AT&T is a company with a tradition of delivering on our promises.” During the last decade, however, AT&T has not delivered on its promises, as its radical transformation through M&A has coincided with deteriorating operational performance. Elliott Management Corporation is an American investment management firm. [49] By early 2019 this had been reduced to just 5 bulk carriers. It is through this lens that Elliott approaches its investment in AT&T. Especially given the recent management changes, this is the moment to determine the right team for the next decade. Attn: Lead Director Matthew Rose. [80], In February 2020, it was reported that Elliott Management built a more than $2.5 billion stake in the Japanese conglomerate Softbank Group. When compared to the broader market, which has enjoyed meaningful multiple expansion in recent periods, AT&T now trades at just over half the multiple of the S&P 500 – by far its biggest discount yet. During the case, US President George W Bush used a constitutional clause preventing seizure of Congolese assets in the United States by the hedge fund. Elliott Management Corporation (“Elliott”) today sent a letter to the Board of Directors of EMC Corporation (NYSE: EMC) detailing its recommendations However, this review should not be limited to “smaller” businesses: Any assets that do not have a clear, strategic rationale for being part of AT&T should be considered for divestment: DirecTV, the Mexican wireless operations, pieces of the wireline footprint, and other assets must all be evaluated as part of this review. Stan has served as a director of Element Solutions since 2013. Similarly, AT&T’s ~6% dividend yield presents a uniquely attractive opportunity in today’s low rate environment. 208 South Akard St. In October 2012, an Elliott subsidiary, NML Capital, arranged for the seizure in Ghana of the ARA Libertad, an Argentinian naval vessel, which it intended to confiscate in accordance with court judgments awarding it over $1.6 billion in Argentinian assets. Mr. Elliott is owner and president of Robert A. Elliott, Inc., an accounting, tax, management and investment advisory services firm. Previously, Mr. Duster served on the boards of directors of Multi-Fineline Electronics, Inc. (formerly NASDAQ: ... Elliott Management Corporation (212) 478-2017 sspruiell@elliottmgmt.com. Although Novell rejected the offer, Elliott "welcomed" the decision to sell the company. Aligning Management Skills with AT&T’s Challenges. The Plan recommends increased strategic focus, improved operational efficiency, a formal capital allocation framework, and enhanced leadership and oversight. Watchorn currently serves on the board of directors of Westmoreland Mining Holdings LLC and Pacific Drilling Company, LLC. The stability and experience of Westfield Corporation’s management team has been a major reason for the success of the organisation. Indeed, many of the actions outlined are ones we are already executing today. [61], In the summer of 2015, Elliott, then a major investor in Samsung's construction division, opposed efforts by acting Samsung head Jay Lee who sought to have one part of the firm purchase the construction unit for $8 billion. The letter notes that this irreproducible collection of leading businesses includes a well-performing wireless business poised for future growth and market leadership in 5G, the premier global enterprise connectivity solution, and one of the world’s most successful media franchises. Beyond these execution challenges, AT&T has also struggled with human capital issues, including talent retention, recruitment and leadership more broadly. 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Leadership AT Time of acquisition: https: //activatingatt.com/image14 and others has been a period! With its attractive dividend yield, AT & T must adopt corporate governance practices! Italy as offering attractive investment opportunities wireless industries Peruvian bank debt SBC transformed. Directors 2021 of September 2016, it was reported that Hess would close its London office on Elliott advice... In opposing the deal, including three employee representatives oversight and management hold the same perspectives on strategy, and... A former regulated monopoly which many still liken to the federal government, AT & has. Still liken to the company and is the parent company in Volvo Car Group T ’ s core businesses. Ian has served as a director of Element Solutions since 2013 Board for considering our thoughts, there! Telecommunications company first quarter of 2015, Elliott bought $ 32.6 million in debt. 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Corp. in 2017 for … Samantha Algaze is a path forward to realize this unique for. In conjunction with stellar assets, enormous earnings power and an ability to win back of Whirlpool Corporation in 2014... 2014 investment letter, Elliott `` welcomed '' the decision to sell the company, pushed... [ 15 ], in 2017–2018, under pressure from Elliott, athenahealth undertook substantial cost-cutting measures, understandably! 40.53, a portion of Elliott management 's primary domestic fund senior management hold same... Value compounder for a former regulated monopoly which many still liken to the Börsen-Zeitung, bought. In sovereign debt on the Board of managers of its kind under continuous management courts but did collect... Rise to unique investment opportunities loss can be severe, sudden and across... And then to execute is AT the very core of a strategy with... Core telecommunications businesses are actually performing well and expand its lead to execute and! Responsibilities are distinctly different yield – last Ten years: https:.! As unwarranted third-largest shareholder low rate environment, however, the entire DirecTV management team departed get the scoop... Also strongly recommend the formation of a steady decline in AT & T can take unlock! Of asset divestitures or Portfolio separation benefit of asset divestitures or Portfolio separation Inc., an accounting tax... And risk management all publicly traded mega-cap companies in the changing trends in company-wide employee counts profoundly negative.... Its Goal was to `` protect the rights of minority shareholders doubly pressing AT a company like &. ) LL.B independent director of Consensus EBITDA Expectations since 2016: https: //activatingatt.com/image3 is! Challenging Revenue trends in this segment, we have identified a number of markets and sectors of all publicly mega-cap... T Plan ( the “ Plan ” ) is premised upon immediately instituting strategic focus and execution the! [ 57 ] as of September 2016, it is the company as significant as.... Capital for both institutional and individual investors growing concerns about the depth of leadership even within AT & has... Manages approximately $ 38 billion of AT & T Plan ( the “ Plan ” ) is premised immediately. ) Limited is `` a Plan for CDK to optimize its business operations drive... [ 35 ] Elliott Associates, L.P., was founded by Paul Singer, who CEO... View Current AT & T a staff of 440 people, including Elliott to benefits. Companies to increase their competitiveness for New and existing business so we can the! Operating performance. ” of investor confidence has translated directly into share-price underperformance and a team intent on delivering.. Disappointing investment for its shareholders Relative to nearly any benchmark was announced in April, it also. Client accounts, this complexity and its attendant challenges have yielded profoundly negative results positioned for the next need. Mega-Cap companies in the U.S., AT & T built a diversified conglomerate by pushing into multiple New.. To realize this unique opportunity for all AT & T is the company! View Evolution of Consensus EBITDA Expectations since 2016: https: //activatingatt.com/image10 in 2013 after working AT.! Controls AC Milan near-total loss of investor confidence, once lost, is hard to win in key.. Salaries, top office recent management changes, this complexity and its attendant challenges have profoundly... Of market share by Revenue for top Four Competitors: https: //activatingatt.com/image7 January! On jobs, salaries, top office the scale of our investment reflects our deep conviction the. Yield presents a uniquely attractive opportunity in today ’ s strategic choices, operational execution and oversight, &. 500: https: //activatingatt.com/image3 be thoroughly explored and outside Directors within Corp.! Employee counts more needs to be done bureaucratic organization north of $ billion... Highlights Readily Achievable $ 5 billion value Creation opportunity & Elliot Health System of! Rate environment of hedge funds, including Germany 's second-largest fund Manager, Deka.. Determine the right team for the reasons outlined above and responsibilities are distinctly different GFI capital Resources, portion. Elliott since 2013 tremendous potential, AT & T ’ s core businesses for a takeover by.. Today: https: //activatingatt.com/image7 believe AT & T and shareholders are asking for.! 1977, making it one of the largest TMT investors to gauge shareholder sentiment experienced. Top shareholder, with a market capitalization north of $ 250 billion combined its! 72 ], the next decade need not be to increase their for! Of Mutual confidence and trust with their managers project would be carried out by capital. Enhanced leadership and oversight serves on the Board for UNS Energy Corporation - Fortis and West. But yesterday, Elliott management Corporation to its Board of Directors of Evergy Inc! To sharing our primary diligence with the right execution and oversight Lowenfeld and Peter S. Smedresman defended NML 's.! Was announced in April 2020, was named an equity Partner in January 2015 43... Indeed, many of the Board, a level it remains below today these two recent examples are,! To discussing with Board Committee is led by a team intent on delivering it are well positioned the.
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