Activist Investor Launches Proxy Battle for Shake Shack Board Seats.
Activist investor Engaged Capital is seeking to acquire three board seats at Shake Shack to implement changes that it says will double profits in two years. Shake Shack's share price has taken a hit as customers pull back on spending, and Engaged Capital wants to change the company's real estate strategy, store design, labor planning, and supply chain. Shake Shack has struggled to bring back lunchtime diners in bigger cities as fewer people commute to offices daily. The company's annual shareholder meeting is expected to be held in June.