Carronade Capital's Two Board Nominees Secure Election at Cannae Holdings Annual Shareholder Meeting

Carronade Capital Management, LP, the multi-strategy investment firm founded in 2019 by industry veteran Dan Gropper, has achieved a significant milestone in its activist engagement at Cannae Holdings, Inc. (NYSE: CNNE). At the company’s 2025 Annual Meeting of Shareholders held on December 12, 2025, shareholders chose to seat two independent director candidates nominated by Carronade: Mona Aboelnaga and Chérie Schaible. The voting outcome underscores shareholder dissatisfaction with the current board composition and represents a clear directive for organizational transformation.

What the Vote Reveals About Shareholder Sentiment

The election results carry substantial weight beyond the boardroom appointment. Notably, Carronade’s two selected nominees garnered more votes than the two candidates put forward by Cannae’s existing leadership, signaling robust shareholder backing. Additionally, shareholders rejected the company’s “Say on Pay” proposal—a powerful statement questioning the compensation structures afforded to current directors and executives. Together, these outcomes demonstrate that shareholders are demanding accountability and a fundamental reassessment of how the company allocates resources and compensates its leadership.

Carronade’s Strategic Stake and Investment Focus

Carronade Capital beneficially owns approximately 3.2 million shares of Cannae common stock. The investment firm, headquartered in Darien, Connecticut, manages roughly $2.7 billion in assets and specializes in catalyst-rich situations requiring disciplined, process-driven strategies. With a team of 17 professionals, Carronade Capital pursues special situations investments—an area where Dan Gropper has accumulated nearly three decades of expertise across senior positions at respected institutional investors including Elliott Management Corporation, Fortress Investment Group, and Aurelius Capital Management, LP.

The Path Forward: Governance and Value Creation

Aboelnaga and Schaible bring genuine independence to Cannae’s board, positioning themselves to drive meaningful improvements in several critical areas. Their appointment follows Carronade’s sustained engagement with the company, during which the investment firm articulated a comprehensive case for change. Key commitments now on the table include enhanced capital returns to shareholders, board de-staggering, and strategic portfolio reallocation—measures designed to unlock trapped value.

The newly elected directors have expressed readiness to collaborate constructively with Cannae’s existing board members and management team. Their agenda encompasses strengthening corporate governance frameworks, refining capital allocation discipline, restoring institutional accountability, and identifying concrete pathways to value creation. Carronade intends to maintain its dialogue with shareholders, advocating for transparent committee evaluation practices and encouraging direct shareholder feedback channels on material transactions.

Recognition and Momentum

Carronade Capital acknowledges the robust shareholder support received throughout the campaign, as well as the unanimous endorsement from leading proxy advisory firms for all of its independent director nominees. The election of Aboelnaga and Schaible marks a turning point—one that creates an opening for substantive boardroom reform and positions Cannae to reassess its strategic direction with fresh perspectives grounded in shareholder interests rather than incumbent entrenchment.

Cannae will publish the final voting results once certified by the company’s inspector of elections.