More CEOs Are Learning Who's the Boss

Big shareholders, long dutiful supporters of management, aren’t keeping quiet anymore
Former WellPoint CEO Angela Braly left amid pressure from big investors Photo illustration by 731; Braly: Tim Rue/Bloomberg; Getty Images(20)

After WellPoint missed analysts’ earnings estimates for the second time in three quarters this summer and lowered its profit outlook, Royal Capital Management—which owned 837,800 shares, or less than 1 percent of the health insurer—took a step usually reserved for a company’s directors: The New York hedge fund demanded the ouster of Chief Executive Officer Angela Braly.

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