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A GrafTech International (NYSE:EAF) holder issued an open letter and seeks board changes, citing a 90% decline in the company’s share price since its IPO.
Nilesh Undavia, together with affiliates, beneficially owns approximately 5.9%, and is concerned about the company’s CEO search process, according to a letter the investor issued on Tuesday. Undavia began to engage privately with the company in December.
“In those meetings, we clearly expressed concerns with the company’s performance,” Undavia wrote. “Our frustration is with the CEO search process which now has been ongoing for almost six months with no update; and most importantly, the Board’s abject failure to provide the necessary management oversight which has resulted in massive shareholder value destruction.”
Undavia writes that he believes that the board can’t be trust to conduct a successful CEO search.
GrafTech (EAF) didn’t immediately respond to Seeking Alpha email request for comment after normal business hours.