Jana Partners pushes Cooper Cos to replace CEO and weigh asset sales
Jana Partners has urged Cooper Cos to replace its CEO, appoint a new board chair and consider selling parts of the business.
Activist investor Jana Partners has called on Cooper Cos to replace its chief executive, install a new board chair and explore the sale of parts of the business, according to a letter it sent to the contact-lens maker.
In the letter, Jana argued that Cooper requires an urgent overhaul to tackle what it termed chronic underperformance, pointing to weaknesses in how the company manages inventory and capital spending. The investor also pressed Cooper to engage with prospective buyers of its contact-lens operations and to weigh divesting its fertility and medical-device assets.
The push follows Jana's earlier build-up of a stake in Cooper, disclosed in October 2025, when the investor signalled it would press for strategic alternatives and better capital allocation.
Cooper, which sells contact lenses and vision-care products through its CooperVision unit and offers women's health and fertility products through CooperSurgical, has faced activist pressure since 2025 to improve its operations. In December, the company launched a strategic review aimed at lifting performance, expanding market share, improving efficiency and enhancing returns through capital-allocation initiatives.
Shares of Cooper rose 2.3% in after-market trading after the letter came to light. The stock had closed at $53.78 on Thursday. The company has a market value of about $10.23 billion, according to LSEG data, and its shares have fallen 34.4% so far this year.
Neither Jana nor Cooper could be reached for comment outside regular business hours.