Management Turnover as Change Agent

Thursday, July 17, 2014

2nd Quarter Executive Turnover Remains Positive - Investment Ops Abound

Executive turnover continues in a positive direction despite a slowdown in a few of the key categories.  The trend in executive turnover continues to correlate with the continuing positive news related to job growth in the American economy and the declining overall unemployment rate.  Last Thursday, July 3, the U.S. Department of Labor's Bureau of Labor Statistics (BLS) announced the June Employment Report and, as anticipated, the numbers were quite positive.  According to the BLS Report,

Total nonfarm payroll employment increased by 288,000 in June, and the unemployment rate 
declined to 6.1 percent, the U.S. Bureau of Labor Statistics reported today. Job gains were widespread, 
led by employment growth in professional and business services, retail trade, food services and drinking 
places, and health care. 

Earlier in that same week, ADP released it latest Employment Report and the job growth numbers were also very positive. According to the ADP Report released July 2,

Private sector employment increased by 281,000 jobs from May to June.

Mark Zandi, chief economist of Moody’s Analytics, said, "The job market is steadily improving. 
Job gains are broad based across all industries and company sizes. Judging from the job 
market, the economic recovery remains fully intact and is gaining momentum.” 

The American economy appears to moving on all cylinders.  Job opportunities are growing at numerous levels of the economy but still remain inconsistent for numerous people with different skills and experience.  Top executives in both small and large firms are beginning to find new job opportunities for their talents.  Liberum Research expects to see increased turnover in the executive ranks as we move through the the Summer and into the early Fall, despite the fact this is typically a slower time for executive turnover.  
 
Liberum has put together below a six plus year quarterly breakdown of executive turnover totals for CEOs, CFOs and C-level executives covering North America. Most of the below quarterly numbers showed continuing declines until the second quarter of 2011.  At this point, the numbers began to reverse themselves.  Turnover at the executive levels of corporate America began to grow but not consistently.  You can see that despite the slowing overall numbers in June of this year, the numbers were quite positive for the second quarter.
 
Below is a simple table outlining the quarterly turnover totals as registered through Liberum Research's Management Change Database for 2008 through the first quarter of 2014 for CEO, CFO and overall C-level turnover.  

 Total CEO Turnover Comparisons   
                              
 Year 2008    2009 2010 2011 2012 2013 2014   
1st Quarter 745491 388346 680 583 500 
 2nd Quarter596 380321 581665 619 537 
 3rd Quarter533409298713 636 627 
 4th Quarter461430328697 673 636 
 Annual Total2,3351,7101,3352,337 2,6542,465 1037
 
 
 Total CFO Turnover Comparisons 
                        
 Year 2008    2009 2010 2011 2012 2013 2014   
1st Quarter 593 332 296 280 640 495  468
 2nd Quarter551 326 273 404612 557   595 
 3rd Quarter438 279 256629 598582  
 4th Quarter364 313  258   476569562  
 Annual Total1,9461,250 1,0831,789 2,4192196 1063
 
 
 Total C-level Turnover Comparisons
        
 Year 2008    2009 2010 2011 2012 2013  2014   
1st Quarter 6735 4061 34532863 5442 3971 4083 
 2nd Quarter7430 5051 3199 404150364102 4117 
 3rd Quarter4865 3690 25225349 42354123 
 4th Quarter4277 3439  2381   4596 41974196 
 Annual Total23,307 16,241 11,55516,849 18,91016,392 8,200
 

As you can see from the quarterly and annual executive turnover totals in the above chart, North American public companies are operating at a more consistent level with regard to turnover.   The same is true when viewed from a brief monthly perspective. June's 2014's executive turnover totals remained reasonably high in the key categories.  Liberum expects this trend to continue as we move through the Summer and early Fall months.  

The latest monthly comparison figures with regard to executive turnover for June 2014 with those of June 2013 and May 2014 and June 2014 are as follows:  
  • CEO turnover for June 2014 declined 14% from that of June 2013, whereas CFO turnover increased 10%, C-level and Board of Director turnover declined 15% for both categories.  
  • The the month to month change from May 2014 to June 2014 showed a decline of 23% for CEOs, a decrease of 27% for CFOs and a decline of 20% with regard to C-level changes and a decline of 12% for Board of Director changes.  
In the below report, Liberum has focused on fifty six CEO changes of special significance for the month of June out of a total of only 164. We have also put together the overall turnover figures for the month of June 2014.  The below information is just illustrative of how investors could view executive turnover and its possible relationship with a company's performance. The same could be done for COOs, Presidents, Chairmans, etc. just through the Liberum database.

DATE       COMPANY   TICKER    EXCHANGE   MARKET CAP $ MILLIONS
06-12 Absolute Software ABT  TORONTO  301
06-24 Advanced Cell Tec ACTC  OTC  193
06-02 Advanced Energy Industries, Inc.  AEIS  NASDAQ  756
06-17 Air Products & Chemicals, Inc.  APD  NYSE  27679
06-18 American Apparel, Inc.  APP  NYSE  115  
06-10 American Int'l Group, Inc.   AIG  NYSE  79580
06-24 Antares Pharma Inc.  ATRS  NASDAQ  358
06-02 Arctic Cat, Inc.  ACAT  NASDAQ  452
06-05 Avra   AVRN   47
06-12 bebe stores, Inc.  BEBE  NASDAQ  263
06-16 Biolase, Inc.  BIOL  NASDAQ  80
06-09 Brainstorm Cell T  BCLI  OTC  55
06-05 Caprock Oil Inc  ROKO  OTC 48
06-24 Chemring Group Pl  CMGMF  OTC  737
06-02 Cision  CSN   ST
06-26 Citrix Systems, Inc.  CTXS  NASDAQ  10426
06-02 Curis, Inc.   CRIS  NASDAQ  145
06-17 Dara Biosciences  DARA  NASDAQ  10
06-10 Dendreon Corporation  DNDN  NASDAQ  327
06-25 Diadexus, Inc.  DDXS  OTC  41
06-03 Digipath DIGP   OTC  22
06-11 Dna Brands, Inc.  DNAX  OTC  696
06-27 Dollar General Corp.  DG  NYSE  17346
06-13 Doral Financial Corp.  DRL  NYSE  30
06-18 Ecrypt Techno Inc  ECRY  OTC  16
06-02 Equity One, Inc.  EQY  NYSE  2796
06-09 Everyware Global,  EVRY  NASDAQ  28
06-30 Finnvedenbulten  FBAB  STO
06-12 First Natl Corp S  FXNC  OTC  37
06-05 Fresh Promise Foo  FPFI   OTC  306
06-28 Furmanite Corp  FRM   NYSE  417
06-25 Heatwurx  HUWX  OTC  20
06-02 Hipcricket Inc  HIPP  OTC  32
06-23 I.D. Systems, Inc.  IDSY  NASDAQ  62
06-12 Infosys Technologies Ltd (ADR)  INFY  NYSE  30421
06-03 Innocent, Inc.  INCT  OTC  392
06-24 Kid Brands, Inc   KIDB  OTC  233
06-16 Lihua Internation  LIWA  OTC  62
06-05 Maxwell Resources, Inc.  MAXE  OTC  1
06-11 Medient Studios,  MDNT  OTC  1
06-02 Navidea Biopharma  NAVB  NYSE  239
06-13 Novatel Wireless, Inc.  NVTL  NASDAQ  60
06-10 Ocean Power Tech  OPTT  NASDAQ  20
06-18 Pdc Energy, Inc.  PDCE  NASDAQ  2410
06-13 Protalix BioTherapeutics Inc.  PLX  NYSE  356
06-30 Rayonier Inc.  RYN  NYSE
06-13 Research Frontier  REFR  NASDAQ  139
06-25 Senesco Tech  SNTI  OTC  19
06-17 Solvista Gold Cor  SVV  CA VANCOUVER  10
06-27 Tecumseh Products  TECU  NASDAQ  94
06-06 Thinspace Tech  THNS  OTC 23
06-04 Universal Truckload Srvcs, Inc.  UACL  NASDAQ  715
06-03 Unwired Planet, I  UPIP  NASDAQ  239
06-23 Vican Resources,  VCAN  OTC  19
06-06 Xerium Technologies, Inc.  XRM  NYSE  242
06-23 Zynex Inc  ZYXI  OTC  8

JUNE 2014 MANAGEMENT CHANGE STATISTICS
C-LEVEL MANAGEMENT CHANGE STATISTICS
GRAND TOTAL - 1206
TOP INDUSTRY SECTORS
> Drugs/Biotech 
- 160
> Banking  - 101
> Energy - 70
JUNE 2014 CEO CHANGE STATISTICS
GRAND TOTAL - 163
TOP INDUSTRY SECTORS

> Drugs - 24
> Auto  - 7
> Energy - 6
JUNE 2014 CFO CHANGE STATISTICS
GRAND TOTAL - 181
TOP INDUSTRY SECTORS

> Drugs/Biotech - 26
> Metals/Mining - 14
> Health - 10
JUNE 2014 BOARD OF DIRECTOR CHANGE STATISTICS
GRAND TOTAL - 376
TOP INDUSTRY SECTORS

> Drugs/Biotech - 60
> Banking - 26
> Energy- 25
Investors need to diligently monitor key management changes. Certain management changes should be viewed as a "special situation" that can have a direct and major impact on a company's performance and share price.
  • New CEOs know more than the market about the company.  Their decision to take the position contains information. Likewise the departing CEO. Likewise departing CFOs.
  • New CEOs will bring new skills and often-times a new direction.  This is normally significant, and worth analyzing.
Liberum Research, the independent research firm focused on corporate management change, has developed an online relational database designed to assist institutional investors develop special situation investment ideas related to executive management change. While special situation investing traditionally revolves around corporate restructuring, spin-offs and acquisitions, executive management changes, depending on the circumstances, can represent a short or long-term investment opportunity. 
Liberum's ten year old database offers institutional investors the ability to examine an individual company, sector/s, group of companies, and/or geographic region/s/ locations via a metric of one's own choosing.  You can use the information individually or in combination with a number of other financial tools to develop unique investment ideas.  Subscribers often take the service as an electronic feed rather than as an online service. Through the use of Liberum's electronic feed, investment firms have the ability to integrate Liberum's management change data with a variety of other feeds and data applications which when combined could be used as a sophisticated method for developing potential short and long-term investment ideas. 

Wednesday, June 18, 2014

May Executive Turnover Points Positive For Economy - Watch for Bumps Ahead

Liberum Research's executive turnover data for May 2014 continued to show positive signs for the North American economies.  CEO and CFO changes monitored by Liberum saw very high percentage increases from the previous month of April and C-level turnover showed a healthy increase over the same period.  The numbers were not quite as positive when viewed from the same month of May a year earlier, but Liberum does not view the year to year by the one month as a real issue.  The recovery continues to move in spurts, both up and down, but the overall trend remains positive.  Wednesday, June 4, ADP released its Employment Report for May and while the totals were below most analysts expectations, the U.S. Labor Department's Bureau of Labor Statistics (BLS) Employment Report, the far more important of the two, released Friday, June 6, was better than the ADP report and bodes well for the continued up and down recovery.  This BLS report was far closer to results Liberum saw in May as it related to executive turnover.  

Last Wednesday's ADP's Employment Report for May 2014, as stated above, was below analysts expectations but was not terrible.  According to the ADP Employment Report:

"After a strong post-winter rebound in April, job growth in May slowed somewhat,” said Carlos Rodriguez, president and chief executive officer of ADP. “The 179,000 jobs added figure is higher than May of last year and in line with the average over the past twelve months.” 
Mark Zandi, chief economist of Moody’s Analytics, said, "Job growth moderated in May. The slowing in growth was concentrated in Professional/Business Services and companies with 50-999 employees. The job market has yet to break out from the pace of growth that has prevailed over the last three years.” 
Last Friday's U.S. Labor Department's BLS Report, while not terrific, was reaosnably good:
Total nonfarm payroll employment rose by 217,000 in May, and the unemployment rate was unchanged at 6.3 percent. Employment increased in professional and business services, health care and social assistance, food services and drinking places, and transportation and warehousing.
Liberum Comparison Breakdown of Key May Executive Turnover 

Below is a breakdown of Liberum's key executive category percentage changes for May 2014 compared with May a year earlier and the previous month of April 2014.   
  • For May 2014 decreases took place in two key categories.  CEO changes declined 5% from a year earlier, board of director changes declined 21%,  whereas overall C-level (as defined by Liberum Research as board of directors, CEOs, CFOs down to corporate VPs) remained virtually the same and CFO changes increased 17%.
  • The month to month change in executive turnover (April 2014 to May 2014) showed a different picture with increases in three of the four key categories of 38% for CEOs, CFO changes increased a whopping 48%, C-level changes increased 8% while board of director changes declined 14%.       
Below are the overall turnover totals for May.  The information is just illustrative of how institutional investors could view executive turnover and its possible relationship with a company's performance.  Using Liberum's database could offer a totally new perspective on investment and is a potential way to come up with unique special situation opportunities.  

Call now (212-988-5497) or email richard@twst.com and get a no obligation one week trial to Liberum's online management change database.
KEY CEO CHANGES - MAY 2014
58 COMPANIES WITH CEO CHANGES WORTH RE-EXAMINING 
According to Liberum's Management Change Database, a total of 211 CEO related changes occurred during May 2014. Here are 58 from the time period that caught my eye.   By significant, I'm looking for situations where I think a particularly strong or weak choice has been made - given the apparent current state of the company - or where there is an interesting special situation. 

COMPANY TICKER  EXCHANGE  MARKET CAP $ MILLIONS    
Adcare Health Sys  ADK  NYSE
Aggreko  AGK   LONDON  45
Ambassadors Group  EPAX  NASDAQ  60
Ambit Biosciences  AMBI  NASDAQB  110
American Caresour  ANCI  NASDAQ  11
Assurant, Inc.  AIZ  NYSE  4793
California Gold M  CGM  CVE
Canadian Pacific Railway LTD (USA)  CP  NYSE   27698
Canamex Resources  CSQ  CVE
Corecomm Solution  COCMF  OBB  649
Covance Inc.  CVD  NYSE  4826
Crocs, Inc.  CROX  NASDAQ  1308  
ENSCO International Inc  ESV  NYSE  11837
Enzymebiosystems  ENZB  OBB  19
Excel Corp   EXCC  OTN  9
Famous Dave's of America, Inc. DAVE  NASDAQ  227
Ford Motor Company F  NYSE  61662
FTI Consulting, Inc. FCN  NYSE  1236
Furmanite Corp FRM  NYSE  412
Green Tech Soluti  GTSO  OBB  986
Greenplex Svcs In  GRPX    OTN  43
Hansen Medical, I  HNSN  NASDAQ  147
Hawaiian Electric Industries, Inc. HE  NYSE   2436
Hyduke Energy Ser  HYD  TORONTO  13
Infoblox Inc. Com  BLOX  NYSE  690
International Flavors & Fragrances Inc.  IFF   NYSE  7982
Ja Energy JAEN  OBB  9
Krispy Kreme Doughnuts  KKD  NYSE  1210
LGL Group Inc. LGL  NYSE  11
Lihua Internation  LIWA  NASDAQ  62
Magnachip Semicon  MX  NYSE  439
Marin Software In  MRIN  NYSE  324
Maxwell Technologies Inc.  MXWL  NASDAQ  483
National Bank Hol  NBHC  NYSE  844
Navidea Biopharma  NAVB  NYSE  204
Nokian Tyres  NRE  FINLAND
Omnicare, Inc.  OCR  NYSE  6271
Orofino Gold Corp  ORFG  OTN  2
OXiGENE, Inc. OXGN  NASDAQ  27
Parker Drilling Company  PKD  NYSE  803
PGT, Inc. PGTI  NASDAQ  395
PolyOne Corporation POL  NYSE  3533
Pope Resources POPE  NASDAQ  304
Prospect Global R  PGRX  OTN  4
Radient Pharm Cp  RXPC  OTN
Sally Beauty Holdings, Inc.  SBH  NYSE  4135
Sierra Monitor Co  SRMC  OTN  16
SupportSoft, Inc.  SPRT  NASDAQ  124
Target Corporation  TGT  NYSE  36939
The Mosaic Company  MOS  NYSE  19133
Tier Technologies, Inc.  TIER  OTN  711
Vhgi Holdings Inc  VHGI  OTN  891
Viewtran Group, I  VIEW  NASDAQ  58
Virtus Oil and Ga  VOIL  OBB
Vulcan Materials Co  VMC  NYSE  7815
WesBanco, Inc. WSBC  NASDAQ  847
Wpx Energy, Inc.  WPX  NYSE  4345
Yaterra Ventures YTRV  OTN  635
MAY 2014 MANAGEMENT CHANGE STATISTICS
C-LEVEL MANAGEMENT CHANGE STATISTICS
GRAND TOTAL - 1513
TOP INDUSTRY SECTORS
> Drugs/Biotech - 137> Business Services - 102
> Banking - 98

MAY 2014 CEO CHANGE STATISTICS
GRAND TOTAL - 211
TOP INDUSTRY SECTORS
> Energy - 19> Drugs - 17
> Health Services - 11

MAY 2014 CFO CHANGE STATISTICS
GRAND TOTAL - 247
TOP INDUSTRY SECTORS
> Business Services - 23
> Drugs/Biotech - 20
> Energy - 18

MAY 2014 BOARD OF DIRECTOR CHANGE STATISTICS
GRAND TOTAL - 428
TOP INDUSTRY SECTORS
> Drugs/Biotech - 39
> Energy - 30
> Business Services - 29

Monday, May 12, 2014

April Turnover Declines a Bit But Future Remains Rosy

Liberum's executive turnover data for April 2014 seemed to conflict a bit with the latest employment growth and unemployment figures that were recently announced for April 2014.  CEO and CFO changes monitored by Liberum Research saw reasonably high percentage declines from the same month a year earlier.  The numbers were a bit better for those two categories, when compared with the previous month's total for March 2014.  The trend was a somewhat more positive when we examined the same changes with regard to overall C-level turnover (as defined by Liberum as all C-level executives down to VP level) and Board of Director changes.  C-level turnover increased a mere 2% from the year earlier period of April 2013 and  saw a slight increase of 3% when compared with the previous month of March 2014.  Board of Director turnover was slightly different with a 7% increase from the year earlier and a static change for the previous month of March 2014.  Overall, Liberum was not very concerned with the slight declines recorded for April 2014.  We still see positive changes continuing in executive turnover totals and expect them to remain the same or higher as we move forward in to the spring and summer.  Investors should keep this in mind.

Last week both ADP's Employment Report for April 2014 and the government's monthly report from the Bureau of Labor Statistics (BLS) illustrated truly positive news for employment growth and unemployment.  While a significant part of the large employment increases and declines in unemployed were due to end of the difficult winter, Liberum still views the overall numbers as being quite positive.   According to the ADP Employment Report:

Private-sector employment increased by 220,000 from March to April, on a seasonally adjusted basis. 

The government's BLS Report was even more positive:

Total nonfarm payroll employment rose by 288,000, and the unemployment rate fell by 0.4 percentage point to 6.3 percent in April, the U.S. Bureau of Labor Statistics reported. Employment gains were widespread, led by job growth in professional and business services, retail trade, food services and drinking places, and construction.

Below is a breakdown of Liberum's key executive category percentage changes for April 2014 compared with April a year earlier and the previous month of March 2014.   
  • For April 2014 declines took place in two key categories.  CEO changes declined 32% from a year earlier, CFO changes declined 12%,  overall C-level (as defined by Liberum Research as board of directors, CEOs, CFOs down to corporate VPs) changes increased 2% and board of director changes increased 7%.
  • The month to month change in executive turnover (March 2014 to February 2014) showed a slightly different picture with a decline of 7%  for CEOs, CFO changes increased a mere 1%, C-level changes increased 3% and board of director changes remained static.       
Below are the overall turnover totals for April.  
 
KEY CEO CHANGES - APRIL 2014
53 COMPANIES WITH CEO CHANGES WORTH RE-EXAMINING 
According to Liberum's Management Change Database, a total of 153 CEO related changes occurred during April 2014. Here are 53 from the time period that caught my eye.  By significant, I'm looking for situations where I think a particularly strong or weak choice has been made - given the apparent current state of the company - or where there is an interesting special situation. 

DATE   COMPANY TICKER  EXCHANGE  MARKET CAP $ MILLIONS    
04-01 Core Resource Man CRMI  OTN  47
04-01 Sun Bancorp, Inc.  SNBCNASDAQ  337
04-02 Epcylon Technolog PRFC  OTN  26
04-02 Reachlocal, Inc. RLOC  NASDAQ  302
04-03 Modern Mobility A MDRM  OTN  34
04-03 Taylor Consulting TAYO  OBB  17
04-03 Vapor Hub Interna VHUB  OTN
04-04 GTx, Inc.   GTXI  NASDAQ  116
04-07 Efftec Intl Inc EFFI  OTN  381
04-07 Equity One, Inc. EQY  NYSE  2663
04-07 Patriot Berry Far PBFI  OBB  47
04-07 Plures Technologi MANY  OTN  170
04-07 Rango Energy, Inc RAGO  OTN  10
04-07 Vonage Holdings Corp.  VG  NYSE  880
04-08 Harsco Corporation HSC  NYSE  1852
04-08 L&L Energy, Inc. LLEN  OTN  54
04-09 Attune Rtd AURT  OTN  520
04-09 Chimerix, Inc. CMRX  NASDAQ  591
04-09 Tierra Grande Res TGRI  OTN  1
04-10 Cal-Bay Intl Inc CBYI  OTN  777
04-10 Infosys Technologies LTD (ADR)  INFY  NYSE
04-11 CMG Holdings Group, Inc.  CMGO  OTN  6
04-11 Crossbox Inc. CBXX  23
04-14 Sw China Imports SWCI  OBB
04-14 Thermoenergy Corp TMEN  OTN  2
04-14 Uni-Pixel, Inc. UNXL  NASDAQ  93
04-15 As Seen On Tv Inc ASTV  OBB  4
04-15 Finmeccanica Adr FINMY  OTN  5111
04-15 Integrated Drilli IRIG  OTN  27
04-15 Noble Energy, Inc. NBL  NYSE  25920
04-16 Glow Holdings, In GLOH  OTN
04-16 Higher One Holdin ONE  NYSE  288
04-17 Agricon Global Co AGRC  OTN  4
04-17 Impax Laboratories Inc.  IPXL  NASDAQ  1733
04-18 Ford Motor Company F  NYSE  64363
04-18 Telecom Italia Sp TIAJF  OTN
04-22 Ashland Inc. ASH  NYSE  7600
04-22 Health Rev Assurn HRAA  OBB  5
04-22 Helios Advantage HAV  NYSE
04-22 Independence Res SNKTY  OTN  17
04-22 Reneuron Group Pl RNUGF  OTN  58
04-22 Strategic Mng Cor SMNG  OTN
04-23 Accretive Health ACHI  OTN  882
04-23 Capital Product P CPLP  NASDAQ  946
04-23 Digi International Inc.  DGII  NASDAQ  228
04-23 Newcrest Mining L NCMGF  OTN  7430
04-23 Vermillion Inc VRML  NASDAQ  108
04-24 Canadian Imperial CM  NYSE  34609
04-24 WesBanco, Inc. WSBC  NASDAQ  878
04-25 Bg Group BG  LONDON  408
04-25 Big Sky Petroleum BSP.V
04-28 Intertech Solutio ITEC  295
04-30 Superior Industries Intl Inc.  SUP  NYSE  565
 
APRIL 2014 MANAGEMENT CHANGE STATISTICS
C-LEVEL MANAGEMENT CHANGE STATISTICS
GRAND TOTAL - 1398
TOP INDUSTRY SECTORS
> Drugs/Biotech - 150> Banking - 120
> Energy - 87

APRIL 2014 CEO CHANGE STATISTICS
GRAND TOTAL - 153
TOP INDUSTRY SECTORS
> Energy - 16> Drugs - 15
> Banking - 12

APRIL 2014 CFO CHANGE STATISTICS
GRAND TOTAL - 167
TOP INDUSTRY SECTORS
> Drugs/Biotech - 16
> Energy - 12
> Banking - 11
> Metals Mining - 11

APRIL 2014 BOARD OF DIRECTOR CHANGE STATISTICS
GRAND TOTAL - 495
TOP INDUSTRY SECTORS
> Drugs/Biotech - 47
> Chemicals - 43
> Banking - 33

Investors need to diligently monitor key management changes. Certain management changes should be viewed as a "special situation" that can have a direct and major impact on a company's performance and share price.
  • New CEOs know more than the market about the company.  Their decision to take the position contains information.  Likewise the departing CEO. 
  • Likewise departing CFOs New CEOs will bring new skills and often-times a new direction.  This is normally significant, and worth analyzing.
Liberum Research, the independent research firm focused on corporate management change, has developed an online relational database designed to assist institutional investors develop special situation investment ideas related to executive management change. While special situation investing traditionally revolves around corporate restructuring, spin-offs and acquisitions, executive management changes, depending on the circumstances, can represent a short or long-term investment opportunity.  Using Liberum's database could offer a totally new perspective on investment and is a potential way to come up with unique special situation opportunities.

If interested, call now (212-988-5497) or email richard@twst.com and get a no obligation one week trial to Liberum's online management change database.