Deals
Buffalo Wild Wings CEO to Leave After Losing Activist Fight
- Marcato Capital won three board seats at shareholder meeting
- Hedge fund had called on restaurant chain to replace CEO
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Buffalo Wild Wings Inc. Chief Executive Officer Sally Smith, who ran the chain for more than two decades, is stepping down after activist investor Marcato Capital Management won a proxy fight to overhaul the company’s board.
Shareholders voted to approve three nominees originally put forth by Marcato at the company’s annual meeting on Friday, according to a preliminary count. As the activist takes a bigger role in steering the company, Smith will be out by the end of the year -- or sooner if a successor can be found.