TCIM urges Voya Financial shareholders to vote no confidence in board, management
VOYA•TOMS Capital Investment Management urged Voya Financial shareholders to support a nonbinding no-confidence referendum, citing about 40 percentage points of shareholder-return underperformance versus core peers since Heather Lavallee became CEO. TCIM holds an approximately 4.65% economic interest through managed funds, and Voya shares have risen about 30% since TCIM’s involvement became public.
1. Activist urges referendum
TOMS Capital Investment Management urged Voya Financial shareholders to vote for a nonbinding no-confidence referendum on the board and management. TCIM holds an approximately 4.65% economic interest through managed funds, and the company’s 2027 annual meeting is roughly seven months away.
2. Performance and engagement
TCIM cited approximately 40 percentage points of shareholder-return underperformance versus core peers since Heather Lavallee was named CEO. The activist accused leadership of resisting engagement with potential buyers despite reported takeover interest. Voya shares have risen approximately 30% since TCIM’s involvement became public, a move the activist attributed to expectations of change.
