David Whissel - Managing Director - Spotlight Advisors
🧀 Note from Ellie: I hopped on a call with Dave from my hotel room in Sydney last week, hoping the Wi-Fi would hold up. It was a tough but fun conversation where I learned a lot about activism, especially the Disney proxy fight earlier this year. My first encounter with activism was during my intrinsic valuation project for Salesforce at Tuck Bridge (my first-ever stock pitch!). Back then, all I knew was that some big investors disagreed with the board. Now, I’m excited to have gained an insider’s perspective on proxy fights from Dave :)
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Transitioned to finance after taking a corporate finance class in law school.
Started by pursuing a finance-related job in NYC, but had no idea that it would lead to a long-term career.
First role was at a corporate governance research startup; later found a niche at the intersection of politics and finance—activism.
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Offers activism advisory services for mostly small-caps corporations and investors.
As a boutique, they have the flexibility to handle diverse situations.
Frequently advise on "high stakes" matters beyond activism defense.
Expertise includes contested M&A, director and compensation votes, leadership transitions, and corporate governance issues.
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Activism work involves ad-hoc analyses, requiring strong financial analysis skills, proficiency with data platforms, and the ability to extract relevant information and draw conclusions.
It requires a multifaceted skill set: writing, analysis, law, and finance; you need to communicate effectively and convey complex concepts clearly.
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A 2-year campaign that culminated in one of the largest proxy contests in history.
Trian’s proxy fight was driven by Disney’s CEO succession challenges, governance and compensation issues, long-term underperformance and strategic missteps.
Trian’s "get out the vote" strategy focused on appealing to retail shareholders with simple, relatable communications.
Disney’s improved performance and outlook weakened Trian's case for change, and Trian was not successful at getting its candidates elected to Disney's board of directors.
