Marcato Capital's Proxy Contest At Buffalo Wild Wings Goes Personal

The attack presentation used to be the preserve of activist investors, not management. With just a few weeks remaining until some of the biggest proxy contests of the year climax, however, that seems to be changing.

In recent weeks, Marcato Capital Management has made its proxy contest at Buffalo Wild Wings personal, seeking the ouster of CEO Sally Smith, criticizing her sales of company stock, lack of open market purchases and pinning the slowdown in operating performance solely on her watch. “Shareholders must ask themselves this: If Ms. Smith acts as if she does not believe in the long-term value of the company, why should shareholders...