Activism is back, and the leash for underperforming CEOs has never been shorter.
According to new data from Barclays, global activist investors launched a record-breaking 255 campaigns in 2025, eclipsing the previous high set in 2018.
📊 THE 2025 ACTIVISM LANDSCAPE:
1️⃣ The Drivers: Jim Rossman (Barclays’ Global Head of Shareholder Advisory) cites a “Goldilocks” environment:
- H1: Maximum uncertainty creating valuation gaps.
- H2: A rebound in M&A and Private Equity providing exit liquidity.
- Result: “It felt like everything is possible,” fueling attacks on blue chips like Lululemon, Lyft, PepsiCo, and Yeti.
2️⃣ The “Kill Zone” (CEO Tenure): The most alarming stat for the C-Suite:
- 32 CEOs resigned within one year of an activist campaign—a new record (up from 27 in 2024).
- The Message: Boards are increasingly willing to sacrifice leadership to appease agitators quickly.
3️⃣ Japan Rising: While the US remains the epicenter (141 campaigns, +23%), Japan has emerged as the second front.
- Record High: 56 campaigns launched in Japan.
- Share: Japan now accounts for 50% of all non-US activist activity, signaling a permanent shift in Asian corporate governance.
4️⃣ The Heavyweight Champion: Elliott Investment Management dominated the league tables:
- Campaigns: 18 launched.
- Capital Deployed: ~$20 Billion.
- Board Seats Won: 17 (including 2 at Phillips 66).
- Current Targets: Pushing for a breakup of Barrick Mining and a CEO change at Lululemon.
💡 ANALYST TAKEAWAY: The “Corporate Raider” stigma is gone. Activists are now viewed as a legitimate check on management, and their toolkit is more effective than ever. For CEOs, the data is clear: Operational underperformance in 2026 will not just hurt your stock price; it will end your tenure.
👇 Board Members: Is the surge in Japanese activism a temporary trend or a structural unlocking of value in Asia?