Activist investor Jana Partners has publicly pressed medical device manufacturer Cooper Companies to replace its chief executive officer and explore strategic asset sales, citing recent operational missteps that have undermined shareholder confidence. According to reporting by Reuters, Jana holds a 1.8 percent stake in the firm—representing approximately 3.58 million shares—and is demanding a sweeping overhaul of executive leadership, board governance, and capital allocation strategy.
The activist intervention follows Cooper’s decision last week to lower its full-year financial forecasts and abruptly terminate a strategic review of its CooperSurgical unit without executing a sale. Jana argued that the company’s equity performance has lagged behind industry peers, noting that Cooper shares have fallen roughly 21 percent over the past 12 months. Over the same period, competitors such as Becton Dickinson saw gains of 19 percent, while Integer Holdings rose 61 percent, according to market data compiled by LSEG.
To address the valuation discount, Jana is urging Cooper to initiate an external search for a new CEO, replace its board chair, and recruit independent directors with deep industry expertise to enforce stronger oversight. The hedge fund also recommended structural divestments, encouraging management to engage potential buyers for its core contact lens division, CooperVision, as well as selling off fertility and medical device units housed within CooperSurgical.
Beyond asset sales and leadership changes, Jana criticized Cooper’s management of customer excess inventory within the CooperVision division. The activist investor called for hiring an external adviser to identify manufacturing and supply-chain efficiency savings, while also advocating for executive compensation to be tied directly to long-term operational performance to ensure heightened accountability. Cooper Companies did not immediately respond to requests for comment regarding the demands.