(RTTNews) - HoldCo Asset Management, L.P., a Florida-based investment firm, Monday issued a research presentation urging Comerica Inc. (CMA) to proceed a sale process.
The presentation, titled "To the Board of Directors of Comerica Inc.: We Echo Mayo - If Not Now, Then When?", stated that Comerica CEO Curtis Farmer's refusal to explain, or even acknowledge the company's uniquely remarkable failures while repeatedly stating that it must "earn the right to remain independent" cannot be reconciled.
Further, HoldCo added that Farmer's poor management and obfuscatory communication tactics are grounds for his immediate dismissal.
The investment firm advised Comerica to engage an investment banker, announce plans to run a marketing process and sell itself.
Currently, CMA is trading at $69.60, up 2.25 percent on the New York Stock Exchange.
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