ZimCal Asset Management And Its Affiliates Sends Letter To Stockholders Stating High Executive Compensation Does Not Align With Core Business Performance; Says Stock Price Is Down 20% YTD And Management Continues To Be Rewarded At The Expense Of Stockholders
Portfolio Pulse from Benzinga Newsdesk
ZimCal Asset Management has sent a letter to Medallion Financial Corp. (MFIN) stockholders criticizing high executive compensation and poor stock performance. ZimCal, a major investor in MFIN, is in a proxy contest to replace two board directors, believing this will unlock significant value for the company.
May 21, 2024 | 3:32 pm
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ZimCal Asset Management criticizes Medallion Financial Corp. (MFIN) for high executive compensation and poor stock performance. ZimCal is pushing for board changes to unlock value.
ZimCal's criticism and proxy contest to replace board members could lead to significant changes in MFIN's management and strategy, potentially improving stock performance.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100