*

Activist campaigns rose nearly 5% from 2024, surpassing

2018's

record

*

Elliott Investment Management led with 18 campaigns,

spending

nearly $20 billion

*

Record 32 CEOs resigned within a year of activist

campaigns in

2025

By Svea Herbst-Bayliss

NEW YORK, Jan 4 (Reuters) - Activist investors who push

companies to perform better launched a record number of

campaigns in 2025, according to Barclays ( BCS ) data, as

market volatility, favorable financing conditions ‌and more deal

activity made for ideal conditions to lobby for changes.

In 2025, blue-chip activist investors including Elliott

Investment Management as well as ​a sizable number of newcomers

launched 255 attacks on global companies to make operational

improvements, change out ‍board members and even consider selling

themselves. Well-known brands such as athleisure ⁠maker Lululemon

Athletica ( LULU ), ride-hailing company ⁠Lyft, soda and

snack maker PepsiCo ( PEP ) and cooler and drinkware maker Yeti

found themselves facing corporate agitators.

Last year's number of attacks marked a ‌nearly 5% increase

over 2024 and eclipsed the previous ​record of 249 made in 2018,

the data showed.

"We went from maximum uncertainty in the first half of 2025

to M&A markets and private equity interest rebounding ⁠in the

second half of the year, which made ‍it feel ​like everything is

possible," said Jim Rossman, global head of shareholder advisory

at Barclays ( BCS ). "It was a great time for the activists' toolkit."

The bulk of activity with more than half of ‍all global

campaigns remained in the United States, where Barclays ( BCS ) data

shows 141 campaigns took place, representing a jump of 23% from

the previous year.

But Asian companies also drew activists' attention, with the

data showing a record 56 campaigns in Japan. This made up half

of global activity outside of the United States, Barclays ( BCS ) said.

The standout activist investor was Elliott, which launched

18 campaigns last year, spending nearly $20 ​billion in ‍capital,

Barclays ( BCS ) data showed. In the fourth quarter alone, the hedge

fund took on Lululemon, where it is urging the company to

consider a former Ralph Lauren executive as its ​next CEO, and

Barrick Mining ( B ), where it is calling on management to

consider breaking the company apart. Over the year, Elliott won

17 board seats, including two at Phillips 66, where

investors voted to seat candidates proposed by the hedge fund.

In recent years activist investors, once derisively called

corporate raiders, gained fresh acceptance among corporate

management as their returns improved and many tried to work with

boards to help boost a company's share price.

Still, Barclays ( BCS ) data also showed ​that corporate agitators'

patience with chief executives can quickly wear thin. Last year,

a record 32 CEOs resigned within one year of an activist

campaign. In 2024, 27 CEOs resigned, up from 24 who left in 2023

after pressure from an activist.

"If executives ‍don't perform, they are out," Barclays' ( BCS )

Rossman said.