Indianapolis Star – Richard Giromini undoubtedly will have plenty on his mind as he takes over as chief executive of Wabash National Corp.<\/p>\n
After all, the Lafayette-based maker of commercial truck trailers is under mounting pressure to improve its profit and stock performance. Glitches from a new software installation have helped to hobble performance. The company’s stock, which closed at $15.05 Friday, has lost about 21 percent in value over the past 52 weeks. <\/p>\n<\/div>\n
Giromini, 53, may have extra motivation to steer Wabash back into Wall Street’s good graces when he looks at the list of his company’s largest shareholders. In the past year, East Coast hedge fund Tontine Capital has accumulated almost 3.3 million Wabash shares, which amounts to roughly a 10.6 percent stake in the company. <\/p>\n<\/div>\n
That buys some clout in a company. And hedge funds tend to be active investors. <\/p>\n<\/div>\n
“These folks are usually interested in a firm they believe has promise and isn’t reaching it for the moment,” said Dan Dalton, professor of management and director of the Institute for Corporate Governance at Indiana University’s Kelley School of Business in Bloomington. “At the end of the day, they want abnormal returns on their investment, and they want it relatively quickly.” <\/p>\n<\/div>\n