As a CEO coach, I’ve witnessed many times when activists have orchestrated the ousting of a chief executive, often with a board that is anything but surprised. Behind closed doors, I’ve had many directors tell me they quietly agreed with a transition. These activist investors secretly strike terror in the hearts of boards and CEOs, seeking to profit quickly by buying stakes in companies to influence management and strategic decisions. Their goal is to unlock shareholder value that the activists claim is trapped—by complaining loudly in public about their point of view. They often push for what companies see as radical change: leadership shake-ups, operational overhauls, financial engineering, or strategic pivots they insist will capture that “hidden” value.

And I’ve seen things escalate q

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