Activist investors set record number of campaigns in 2025, Barclays data shows

Activist campaigns increase nearly 5% by 2024, surpassing 2018’s record

Elliott Investment Management spent nearly $20 billion on 18 campaigns

A record 32 CEOs resign in one year amid activist campaigns in 2025

NEW YORK, Jan 4 (Reuters) – Activist investors pushing companies to outperform launched a record number of campaigns in 2025, as market volatility, favorable financing terms and greater deal activity for ideal conditions to lobby for change showed, Barclays data showed.

In 2025, world-class activist investors including Elliott Investment Management, as well as scores of newcomers, launched 255 attacks on global companies to make operational improvements, replace board members, and even consider selling themselves. Well-known brands like sportswear maker Lululemon Athletica, ride-hailing company Lyft, soda and snack maker PepsiCo, and cooler and beverage maker Yeti have found themselves up against corporate agitators.

The data showed that the number of attacks last year was up nearly 5% over 2024, eclipsing the previous record of 249 carried out in 2018.

“We went from maximum uncertainty in the first half of 2025 to M&A markets and private equity interest recovery in the second half of the year, making anything feel possible,” said Jim Rossman, head of global shareholder advisory at Barclays. “It was a great time for the activists’ toolkit.”

The bulk of activity, including more than half of all global campaigns, remained in the US, where 141 campaigns took place, according to Barclays data; This represents a 23% increase over the previous year.

But Asian companies have also caught the attention of activists, with data showing a record 56 campaigns in Japan. This accounts for half of global activity outside the US, Barclays said.

According to Barclays data, the prominent activist investor was Elliott, which launched 18 campaigns and spent approximately $20 billion in capital last year. In the fourth quarter alone, the hedge fund captured Lululemon, where it called on the company to consider a former Ralph Lauren executive as its next CEO, and Barrick Mining, where it called on management to consider breaking up the company. During the year, Elliott won 17 board seats, including two at Phillips 66, where investors vote for candidates recommended by the hedge fund.

In recent years, activist investors, once derisively called corporate raiders, have gained new acceptance among corporate management as their returns soar and many seek to work with boards of directors to help boost a company’s share price.

Yet Barclays data also showed that corporate agitators can quickly lose patience with senior executives. Last year, a record 32 CEOs resigned in one year following an activist campaign. Of the 24 CEOs who left in 2023 under pressure from an activist, 27 CEOs resigned in 2024.

“If managers don’t perform, they’re out,” Barclays’ Rossman said. (Reporting by Svea Herbst-Bayliss in New York; Editing by Matthew Lewis)