The hedge fund manager who wants Healthways CEO Ben Leedle removed on Tuesday told the company's board he plans to nominate a competing slate of director candidates for election this spring.
In a letter, Conan Laughlin of Boston-based North Tide Capital, which owns 11 percent of Franklin-based Healthways, sharply criticized the board's "abject failure to hold Mr. Leedle accountable for his continued operational shortcomings" and its "apparent disinterest in examining and addressing the substantial credibility issue that the current management team has within the investment community."
Laughlin last month  called for the ouster of Leedle as well as the overhaul of its strategic priorities, but the Healthways board came to the defense of its CEO. "Shocked by the Board's blatant laissez-faire attitude toward the need for change," Laughlin says he plans to pursue all options available, the clearest of which is putting forward director candidates this spring.
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