Activist takes aim at Fiesta Restaurant Group
This post is part of the On the Margin blog.
JCP Investment Management LLC nominated three people Monday to the board of Fiesta Restaurant Group Inc., complaining about the decline in value at the owner of Pollo Tropical and Taco Cabana in recent years.
The investment firm, which owns 7.1 percent of Fiesta stock, says the company needs new board members before it sells the company or hires a new CEO. JCP nominated its managing director, James Pappas; John Morlock, chief operating officer of Sbarro; and private investor Joshua Schechter.
The nominations promise a proxy fight at Dallas-based Fiesta.