Sensata Technologies Faces Activism from Elliott Investment Management #

Sensata Technologies, an industrial technology company, is facing activist intervention from Elliott Investment Management. Elliott is one of Sensata’s largest investors. The company develops, manufactures, and sells sensors and electrical protection components, serving automotive, heavy vehicle, off-road, industrial, and aerospace industries. The company recently announced the retirement of its CEO and the appointment of an interim president and CEO. As part of a settlement with Elliott, Sensata will also add a new board member and form a CEO search committee. Sensata has been underperforming and faces challenges in its capital allocation practices. Elliott’s involvement may lead to changes in the company’s strategic direction.