Impactive Capital has nominated a slate of four directors for election at Envestnet ahead of the U.S.-based financial technology firm’s 2023 annual meeting.

The slate was revealed in a January 4 press release, in which Impactive stated that the firm’s “persistent underperformance, poor governance, and lack of shareholder alignment necessitate board change.”

The nominees put forward by the activist are Wendy Lane, chair of Lane Holdings, Thomas Naratil, co-president of global wealth management at UBS, Michael Stanton, former chief financial officer of Diligent, and Lauren Taylor Wolfe, co-founder of Impactive Capital.

The nominees “bring public company board experience, financial and capital allocation expertise, and track records of driving long-term shareholder value creation that Envestnet needs to improve its performance, governance, and shareholder alignment,” the activist contended.

Impactive stated that it felt like it was left with no choice but to go public with its campaign for change at Envestnet, believing that the board has overseen “a number of disappointing decisions that have resulted in shareholder value destruction” such as dilutive capital allocation, poor operating performance, and a lack of commitment to good governance.

Notably, since the release of Impactive’s November 15 public letter, Envestnet’s share price is up 11% to $63.56 per share as of Wednesday’s close.