In a significant surge of shareholder activism, investors pushing for corporate changes launched a record number of campaigns globally in 2025. According to fresh data from Barclays, the volatile markets, favourable financing, and a rebound in deal-making created the perfect storm for activists to demand better performance from companies.
A Record Year for Corporate Agitation
The data reveals that a total of 255 activist campaigns were launched against companies worldwide in 2025. This figure marks a nearly 5% increase over the 2024 numbers and surpasses the previous high of 249 campaigns set back in 2018. The activity spanned from seasoned blue-chip funds to a wave of new entrants, all targeting operational improvements, boardroom shake-ups, and even outright sales of the businesses.
Well-known consumer brands were not spared. Companies like Lululemon Athletica, Lyft, PepsiCo, and Yeti all found themselves in the crosshairs of these corporate agitators. Jim Rossman, Barclays' global head of shareholder advisory, attributed the boom to shifting market dynamics. "We went from maximum uncertainty in the first half of 2025 to M&A markets and private equity interest rebounding in the second half," he said, noting it was "a great time for the activists' toolkit."
Elliott's Dominance and Global Spread
The most prominent player in this arena was Elliott Investment Management. The hedge fund was exceptionally active, launching 18 separate campaigns and deploying close to $20 billion in capital throughout the year. Its aggressive strategy in the fourth quarter alone saw it take on Lululemon, where it pushed for a new CEO candidate, and Barrick Mining, urging a potential breakup. Elliott's efforts were largely successful, securing 17 board seats across various companies, including two at Phillips 66.
Geographically, while the United States remained the epicentre with 141 campaigns (a 23% annual jump), Asia saw remarkable growth. Japan set a regional record with 56 campaigns, accounting for half of all activist activity outside the US, signalling a broadening global trend.
The Rising Toll on Chief Executives
A striking consequence of this heightened activism is the dwindling patience for underperforming leadership. The Barclays report highlights a sharp increase in CEO departures following activist pressure. In 2025, a record 32 chief executives resigned within one year of an activist campaign targeting their company. This number is up from 27 in 2024 and 24 in 2023, illustrating a clear trend.
"If executives don't perform, they are out," stated Rossman bluntly. This data underscores that while activist investors have gained more acceptance by working collaboratively with boards in recent years, their ultimate goal remains driving shareholder value, and CEO tenures are increasingly on the line.
