Activist investor Barington Capital Group has disclosed an investment in healthcare services provider Chemed Corp and is advocating for changes at the board level, arguing the company has the resources and operational potential to deliver stronger performance, according to a report by Bloomberg.
Barington chairman and chief executive James Mitarotonda said the firm has nominated Chan Galbato, the former chief executive of Cerberus Capital Management’s operations platform, for consideration as a director. The activist investor believes Galbato’s experience could help support growth initiatives across Chemed’s businesses.
According to Mitarotonda, Barington has already engaged with Chemed’s management team and raised the possibility of adding a new independent board member. He noted that the fund is not currently pursuing a break-up of the company.
Chemed had not responded to requests for comment at the time of publication.
Regulatory filings show Barington owned approximately 0.43% of Chemed’s outstanding shares as of 31 March. While the investment was first disclosed in February, the activist nature of the position had not previously been made public.
Based in Cincinnati, Ohio, Chemed operates two distinct businesses: hospice care provider VITAS Healthcare and plumbing and drain maintenance company Roto-Rooter.
Shares in the company were little changed in early trading on Wednesday, valuing Chemed at roughly $5.5bn. The stock has declined by around 27% over the past 12 months amid challenges linked to changes in Medicare reimbursement policies affecting hospice care providers.
Barington has a history of shareholder activism focused on unlocking value through strategic and governance reforms. Among its more notable campaigns was its push for the separation of Victoria’s Secret from retail group L Brands, a transaction completed in 2021.
The New York-based fund also re-established a position in Victoria’s Secret in 2025, calling for further board and operational changes. Regulatory filings indicate Barington exited the investment by the end of the first quarter after the company implemented several of its recommendations.
