Breeden makes play for Block board

Former SEC chairman and activist trader Richard C. Breeden is seeking three board seats at H&R Block.
JUN 28, 2007
Former Securities and Exchange Commission chairman and activist trader Richard C. Breeden is seeking three board seats at H&R Block Inc. Voicing his disappointment in the tax preparer's poor financial performance, the chairman and executive of Breeden Capital Management LLC said he will seek election to the board of the Kansas City-based tax preparer, along with two other individuals to be announced by Breeden Partners later this week. Three of the company's 11 incumbent directors are up for re-election at its annual meeting on September 6. The news sent stock up as much as 6.8% yesterday morning before it closed up $1.02, or 4.64%, to $23.02. Breeden Partners and affiliated domestic and offshore investment funds managed by Breeden Capital Management LLC owns six million H&R Block shares, which account for 1.86% of the company. H&R Block posted an $85.6 million net loss for the quarter ended April 30, stemming from a writedown of its Option One Mortgage Corp. subprime lending unit < https://www.investmentnews.com/apps/pbcs.dll/article?AID=/20070621/REG/70621005/-1/BreakingNews04&ht=> (InvestmentNews, June 21) . H&R Block is also selling its Option One subprime unit to private equity firm Cerberus Capital Management for as much as $800 million. Mr. Breeden was chairman of the SEC from 1989 to 1993 and was appointed to the board of Overland Park, Kan.-based Applebee's International Inc. after complaining about poor performance (InvestmentNews, December 12) .

Latest News

Mercer Advisors launches Aspen Investing with in-house direct indexing
Mercer Advisors launches Aspen Investing with in-house direct indexing

The $100B-plus mega-RIA is folding custom portfolios, daily tax-loss harvesting and unified managed accounts into its Aspen advisor tech platform

The most valuable professional development opportunities in independent advisory firms are hiding in plain sight
The most valuable professional development opportunities in independent advisory firms are hiding in plain sight

From using projects as strategic thinking exercises to real-world challenges as problem-solving exercises, indie firms can make for more powerful talent incubators.

Financial services faces highest AI exposure of any sector, BCG finds
Financial services faces highest AI exposure of any sector, BCG finds

New BCG research names financial services among the world's most AI-exposed industries and the US as a top-tier AI economy.

Wealth transfer fails when families skip the hard talks
Wealth transfer fails when families skip the hard talks

Rockefeller Capital Management's Mallory Findley on how avoiding conversations risks derailing even the best-laid estate plans.

One in three Americans lose track of old retirement savings after job changes
One in three Americans lose track of old retirement savings after job changes

New Empower research reveals a "retirement drift" problem that hands financial advisors a direct opening to add client value.

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor