Eagle Bancorp in Bethesda, Md., is facing a board challenge from an activist investor.
Diligence Capital Management said it plans to nominate three directors to run for seats at Eagle’s upcoming annual meeting. Diligence was founded by James Abbott, who recently oversaw investor relations at Zions Bancorp.
Diligence also wants the board to make swift governance and strategic changes and quickly complete its CEO succession process. Abbott wants the new CEO to have bank turnaround experience and the bank to establish a multi-year performance improvement plan.
Eagle, for its part, said it will provide more detail about its board and governance in its upcoming proxy statement.