Activist investor Jana Partners has sent a letter to the board of directors of The Cooper Companies, Inc. (Nasdaq: COO), calling for a series of governance and strategic changes, including an immediate external CEO search, a new board chair, and the evaluation of asset sales.

In the letter, dated September 17, 2026, Jana Partners Managing Partner Scott Ostfeld cited what he described as Cooper's "chronic underperformance," including issues with inventory management in its CooperVision segment, an inconclusive strategic review of its CooperSurgical segment, and stock repurchases ahead of negative earnings outcomes.

Jana Partners outlined six specific actions it is urging the board to take: launching an external CEO search, appointing a new board chair and adding directors, revising executive compensation metrics, evaluating the sale of CooperSurgical's fertility and medical device assets, engaging potential strategic buyers for CooperVision, and hiring a performance improvement consultant to identify cost savings in manufacturing and supply chain operations.

The letter states that Cooper's share price has underperformed peers over one-, three-, and five-year periods, and that the company's valuation is at a ten-year low with a significant discount to peers.

Jana Partners disclosed that funds it manages currently hold beneficial ownership and other economic interests in Cooper shares. The firm was founded in 2001 and describes its strategy as investing in undervalued public companies and engaging with management and boards.