McDermott Leaves ICR, Launches Activist Advisory Firm

Former special situations adviser Dan McDermott forms VL Communications after eight years advising on activism, M&A and crisis situations.

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Dan McDermott on Monday, July 6, left crisis communications firm ICR Inc. to launch his own company — VL Communications, a firm primarily focused on advising activist investors.

“At ICR, I advised companies on activist defense, and at my new firm, I will apply tactics from the defense playbook to advise activist investors,” McDermott said.

McDermott, based in Washington, spent eight years as a senior member of ICR’s special situations and shareholder advisory group, where he developed communications plans involving shareholder activism; M&A; litigation; short selling defense for corporations; environmental, social and governance initiatives; and other crisis-related events.

At ICR, McDermott advised Sturm, Ruger & Co. (RGR) in its defense of an activist campaign launched by Beretta Holding SA, which resulted in a May settlement. And while McDermott predominantly advised companies, he also occasionally advised founder activists. In 2023, for example, he advised Abcam plc founder Jonathan Milner in his campaign at Abcam, which sold itself to Danaher Corp. (DHR) for $5.5 billion.

At VL Communications, McDermott will employ a contingency-based model, in which he will only receive fees if his activist client achieves its goals, including director elections and M&A.

In addition to VL, McDermott continues as an adjunct professor at the University of Pennsylvania Carey School of Law, where he teaches a course on shareholder activism, hostile M&A and board disputes.

McDermott said he started the course after realizing that much of the subject matter involved in the world of activist investing wasn’t being taught in U.S. M.B.A. programs and law schools. The course is among several activist courses that have popped up at top business and law schools in the U.S.

Guests in McDermott’s class have included Georgeson LLC partner William P. Fiske, Evercore Inc. managing director Zach Oleksiuk, Starboard Value LP founder Jeffrey C. Smith and Engaged Capital LLC founder Glenn W. Welling and director of research Chris Hetrick.

Before ICR, he was a senior analyst in the special situations group of Institutional Shareholder Services Inc., where he issued voting recommendations on complex proxy contests, contested mergers and executive compensation for major institutional clients.

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Movers and ShakersActivismCorporate GovernanceESGM&AHedge FundsDistrict of Columbia