The group, calling itself Aimia Shareholders for Accountability, holds more than a 5% stake and includes Charles Frischer and Michael Lehmann.
It says the four longest-serving boardmembers (Thomas Gardner, Robert Kreidler, William McEwan and CEO Jeremy Rabe), who have "overseen significant shareholder losses since 2016," be replaced with four new independent directors: Frischer, Lehmann, Joel Schachter and David Rosenkrantz.
The group is also "seeking a mandate from shareholders for the new board to revisit the capital allocation of the company, whose sole focus today is on the loyalty space. The Company has essentially not been able to generate consistent profits from loyalty assets for the past 15 years."
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