Breeden Capital Management LLC said Wednesday it is turning its attention to tax preparation firm H&R Block Inc., The Associated Press reported.
The Greenwich, Conn.-based investment fund, which owns 1.86% of H&R Block's shares, said it will propose three board members at the company's annual meeting, scheduled for Sept. 6, the AP reported.
Richard Breeden, the fund's chief executive officer and a former chairman of the Securities and Exchange Commission, said he will seek seats for himself and two others. He said H&R Block's stock performance has suffered as it ventured into areas outside the tax preparation arena, including lending to people with poor credit, securities brokering and opening its own bank last year, the AP reported.
"As shareholders, we believe that five years is long enough to wait for H&R Block to achieve attractive returns for shareholders," Breeden said in a news release, according to the AP. "This board needs fresh perspectives and new energy, which we intend to supply." A spokesman for H&R Block didn't immediately return a phone call seeking comment, the AP reported.
-New York State Society of Certified Public Accountants
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