Marcato Capital Management founder Mick McGuire penned a letter to Buffalo Wild Wings (BWLD) shareholders today accusing the restaurant chain's executives of mismanagement and called on investors to vote for its slate of directors in a proxy vote on June 2, CNBC reports.
Marcato owns a 6.1% stake in Buffalo Wild Wings.
"You've heard a lot from both sides," McGuire said. "But what you have not heard from CEO Sally Smith, or any [Buffalo Wild Wings] Board member, is how any of the Company's current initiatives translate into quantifiable appreciation in equity value per share over any time period."
He added that Buffalo Wild Wings is "years behind nearly every strategic priority it has outlined to shareholders."
"Shareholders deserve a management and Board who believe in the tremendous future potential of Buffalo Wild Wings - who like Marcato - believe that [Buffalo Wild Wings'] share price could be greater than $400 by 2021," he said.
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