Hedge Funds

Einhorn takes 9.99% stake in Civeo, wants CEO gone

David Einhorn
Peter Foley | Bloomberg | Getty Images

Greenlight Capital's David Einhorn reported a 9.99 percent stake in Civeo and said that its CEO, Bradley Dodson, should be replaced because he has lost shareholders' support and confidence.

Einhorn said he spoke with the firm's board and management and would continue to discuss structural alternatives.

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Shares of the oil equipment maker spiked about 16 percent after the announcement.