Jul
24

Elliott Management Shows PulteGroup Founder How to Get Things Done

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Elliott Management has just shown a dilettante how activism is done.

Elliott, a hedge fund run by the billionaire Paul Singer, has persuaded the PulteGroup to add three new faces to its board. Pulte, a $7 billion home builder, will also cut investment in new land and buy back more shares. The constructive engagement between the pushy 4.7 percent shareholder and PulteGroup management is in stark contrast to the founder William Pulte’s ham-handed campaign against the soon-to-depart chief executive, Richard Dugas.

Conflict between the company’s founder and his handpicked successor spilled into the open in April, when the PulteGroup said that Mr. Dugas would resign in May 2017 after 14 years at the helm. Mr. Pulte published an open letter criticizing Mr. Dugas’s performance and calling for him to resign immediately…

Elliott Management Shows PulteGroup Founder How to Get Things Done

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