Activist investor Bluebell seeks to replace BlackRock CEO Fink
2022.12.06 17:21
© Reuters. FILE PHOTO: Larry Fink, Chairman and CEO of BlackRock, arrives at the DealBook Summit in New York City, U.S., November 30, 2022. REUTERS/David ‘Dee’ Delgado
(Reuters) – Activist investor Bluebell Capital Partners Ltd has sought to replace BlackRock Inc (NYSE:) Chief Executive Officer Larry Fink, after taking a position in the asset manager.
Bluebell, in a letter to BlackRock’s board, has also asked the company to split the roles of chairman and CEO held by Fink and initiate a strategic review of its stance on environmental, social and corporate governance (ESG) policies.
Bluebell said it wants Fink to be replaced for the “de-personalisation of the ESG strategy from the opinions of the current BlackRock’s chairman and CEO”.
The letter, seen by Reuters on Tuesday, requests the company to appoint a new lead independent director, replacing Murry Gerber who has been on the board since 2000.
BlackRock did not immediately respond to a Reuters request for comment.
The company has faced criticism from many sides in the debate on low-carbon fuels, with environmentalists protesting it does too little to press for change at fossil fuel portfolio companies, and Republican U.S. politicians accusing it of boycotting energy stocks.
Last week, Florida’s chief financial officer said his department would pull $2 billion worth of its assets managed by BlackRock, the biggest such divestment by a state opposed to the asset manager’s ESG policies.
