Activist investor Barington Capital Group has built a stake in Chemed Corp. and has proposed a new board director to the healthcare services company with businesses in hospice and plumbing.
While Chemed is well-capitalized, it has underperformed in recent years, said James Mitarotonda, chairman and chief executive officer of the activist hedge fund.
The fund believes Chemed can grow its businesses and has suggested adding Chan Galbato, former CEO of Cerberus Capital Management’s operations platform, to the company’s board of directors, he said.
Barington has spoken with Chemed’s management team and has discussed introducing a new director, according ...
