TCIM Sends Letter to Voya Financial’s Board of Directors Calling on Them to Urgently Initiate a Formal Strategic Review and Engage with All Interested Parties
TOMS Capital Investment Management (TCIM), one of Voya’s largest shareholders, sent a letter to the board demanding an urgent formal strategic review, including a potential sale of the company. TCIM attributes Voya’s persistent trading discount to management’s strategic indecisiveness and the board’s failure to oversee performance, citing the ill-fated Benefitfocus acquisition as a key example of poor capital allocation.
Key figures
- Client accounts
- 10 million
- Employers served
- 45,000
- Asset outperformance 3yr
- 78%
- Ten year median multiple
- 8.9x
- Asset outperformance 10yr
- 82%
- Forward earnings multiple
- 8.0x
- Client assets administered
- $1 trillion
- Benefitfocus acquisition value
- $570 million
- Benefitfocus acquisition premium
- 49%
- Retirement segment share of earnings
- 89%
AI analysis
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