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Another Ackman Casualty: PAH Tumbles After CEO Retirement

Tyler Durden's picture




 

It's been a tough week for Pershing Square and Bill Ackman. First, Valeant gets eviscerated; and now, another major holding - Platform Specialty Products - plunged as much as 15% on news that the CEO is retiring.

Platform Specialty Products Corporation (PAH) ("Platform"), a global specialty chemicals company, announced today that Daniel H. Leever, Chief Executive Officer of the company, has indicated his intention to retire from the company once a suitable successor has been hired. Until such appointment, the Company's senior management, including Benjamin H. Gliklich, Chief Operating Officer, and Sanjiv Khattri, Chief Financial Officer, will report to the Office of the Chairman, comprised of Martin E. Franklin, Platform's Founder and Chairman, and Mr. Leever.

 

Daniel H. Leever added, "It is with very mixed feelings that I reached the decision that this is the best time for the business and me personally to retire from the responsibilities involved with day to day operations. I believe in Martin's vision for Platform and am proud that I have been able to contribute to its past success and help lay a strong foundation for its continued success. While I'll surely miss the day to day interactions with the incredible employees who lay the foundation for all of Platform's success, I strongly believe that it is the right time for a new person to take over the reins of day to day operations and to be able to set out a clear execution strategy for the next years of consistent, profitable growth."

The good news, if only for the outgoing CEO, is that the stock tumbles on his departure. Usually CEO exits (coghballmercough) lead to surging stock prices.

 

Ironically, we had warned that this may happen, even if for all the wrong reasons, when two days ago we previewed PAH as one of the companies that may plunge next, should Ackman be forced to liquidate holdings to satisfy Valeant margin calls.

 

Ackman's total holdings in the name: 42.7 million shares.

 

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Fri, 10/23/2015 - 10:36 | 6702597 BandGap
BandGap's picture

Wasn't there a thread yesterday about the rich squaring off once the pie started getting smaller?

Ackman is the type to start something and he's finding it hard to sit down these days.

Fri, 10/23/2015 - 10:41 | 6702627 NoDebt
NoDebt's picture

Picture the guy from the Monopoly game with his pockets pulled out, shrugging his shoulders cause he's broke.

When Pershing Square implodes I'm gonna hire Ackman to dress up like the Monopoly guy and do that pose.

(Yeah, yeah, I know the reality.  Please don't fuck with my fantasy.  It's all I got left.)

Fri, 10/23/2015 - 10:59 | 6702704 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

Who did Ackman piss off?

Fri, 10/23/2015 - 11:14 | 6702768 RopeADope
RopeADope's picture

When sheep bah at the moon, wolves are not amused.

Fri, 10/23/2015 - 11:33 | 6702837 Ghost of PartysOver
Ghost of PartysOver's picture

Who did Ackman piss off?

I think the question is:  Who hasn't Ackman pissed off?  Wall Street is full of enemies and when they see a opportunity to pounce they will.  Remember Lehman and Bear?  They didn't conform to the demands of the other firms.

Fri, 10/23/2015 - 11:54 | 6702903 KnuckleDragger-X
KnuckleDragger-X's picture

It's more a matter of who did he screwed over, because your only allowed to screw the sheep.....

Fri, 10/23/2015 - 11:04 | 6702724 ebworthen
ebworthen's picture

Perishing Square.  Maybe Loeb or Icahn will put him up.

Fri, 10/23/2015 - 10:37 | 6702599 Thought Processor
Thought Processor's picture

 

 

 

Meh

 

or shoot..... I mean Pah.

Fri, 10/23/2015 - 10:37 | 6702600 FreeShitter
FreeShitter's picture

Who cares, fuck ackman.

Fri, 10/23/2015 - 10:40 | 6702608 15horses1donkey
15horses1donkey's picture

ahh shit. this is what happens when a bitcoin clone founder group, or founder, quits. what we need is a cryptocurrency backed by gold, silver, or something, that is in trust, on autopilot, and redeemable no matter what. then the currency value will hold it's own. this is a promissory currency. For ZHC0 the Zero Hedge Coin Zero, found at http://zhc0.com 

Fri, 10/23/2015 - 12:13 | 6702977 SILVERGEDDON
SILVERGEDDON's picture

15horses1donkey.

IF ZERO HEDGE HAD A FUCKING CURRENCY OF IT'S OWN, IT WOULD BE MINTED IN INCORRUPTABLE NON HYPOTHECATED NON DERIVATIVE NON MARGIN ABLE SILVER OR GOLD.

Jesus, fucking kids these days. You all think technology is a miracle. All it is is electrons that can be made to go poof any fucking minute now.
Crypto currency is just a fancy name for digital fractional reserve banking - without the reserve, or the bank.

If I blew up your phone right now, you would look like a cow at the slaughterhouse just at the moment the bolt gun goes off - " How could you do this to me ? What'll I do now ? "
Improvise. Adapt. Overcome. Triumph over adversity.
And, transform your idea into minting a fucking physical coin out of noble metals, with Tyler's permission before he copyright lawyers your ass into bankruptcy.

Fri, 10/23/2015 - 10:37 | 6702610 venturen
venturen's picture

just got to say the S&P is looking perfect to crash....I think the bullets are spent and this epic rebound...smells putrid...oil to 30 handle 

Fri, 10/23/2015 - 10:45 | 6702642 Dr. Engali
Dr. Engali's picture

Dude, use a URL shortener.

https://goo.gl

Fri, 10/23/2015 - 10:42 | 6702630 Dr. Engali
Dr. Engali's picture

Yeah "retiring" that's why he's leaving. "Retiring", that's his story and he's sticking to it.

Fri, 10/23/2015 - 10:44 | 6702643 tarsubil
tarsubil's picture

Ackman, "I immediately regretted that decision."

Fri, 10/23/2015 - 10:47 | 6702656 Australian Economist
Australian Economist's picture

Pahahaha

Fri, 10/23/2015 - 11:32 | 6702813 Calculus99
Calculus99's picture

Ackman's best pick is Howard Hughes (HHC).

Buy that one and sock it away, it's got multi-bagger potential. 

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