Institutional investors launched a bid Thursday to replace the chair of shopping mall owner First Capital Real Estate Investment Trust
, the latest in a series of activist campaigns aimed at property companies perceived as underperformers.
First Capital named Adam Paul as its CEO in 2015 and he earned $4.7-million in 2021, up from $4.4-million the previous year. Ewing Morris took issue with increases in the compensation to Mr. Paul and other members of the management team. The fund manager said: “Despite chronic underperformance and a shrinking overall business, First Capital’s executive compensation continues to grow.”
”My concern is the current strategy is more a reaction to market sentiment than one to build a sustainable, long-term business,” Mr. Segal said.
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