Jana Partners Pushes for Leadership Shakeup at Cooper Cos.

Jana Partners has spent the last year building its stake in the company, citing concerns over management’s inability to control spending and a string of operational missteps. These demands follow a difficult period for the manufacturer, which saw its stock price slide 34% throughout the year. The investor previously floated the idea of a strategic merger with industry rival Bausch + Lomb to unlock shareholder value.

Recent financial results have fueled the investor’s critique. Cooper reduced its annual outlook earlier this month after a strategic inventory reduction at its CooperVision unit dragged down third-quarter performance. With sales falling short of Wall Street estimates, the company now faces significant headwinds heading into the final quarter. The pressure from Jana Partners signals a growing impatience with the current strategy as the board weighs these external calls for a major corporate restructuring.