Chief Executive Officer Michael Haynes of Santa Ana-based Collectors Universe Inc. is set to step down from the company effective April 1.
The move probably stems from investment firm Shamrock Capital Advisors Inc. pressing Collectors directors to put the company up for sale.
Burbank-based Shamrock Capital believes the company is an attractive acquisition candidate and could be worth twice as much if it were sold, it said in a letter to directors last week.
Collectors directors should abandon the company’s “flawed strategic direction,” Shamrock, which owns 9% of Collectors shares, said. Shamrock invests money for Disney and relatives through an activist value fund.
The company could benefit from going private as well and save money by not having to comply with regulations for publicly-traded companies, the letter said.
The investment firm is backed by Roy Disney, the nephew of Walt Disney Co. founder Walt Disney and is a former Collectors company executive.
Collectors Universe, which authenticates and grades coins, sports cards, stamps and other collectables, has a market value of about $30 million. The company had about $40 million in revenue last year.
Director Michael McConnell will take over the reins as interim chief executive officer.
