Stadium Capital went active (filed a 13D) on Big 5 Sporting Goods ($BGFV) back in August of 2011, taking issue with board composition. BGFV game Stadium a board seat just a couple months later (in October 2011).
When Stadium first started its activist campaign, it owned 15% of the company. It now owns just 11.3%. Yet, Stadium is still BGFV's largest outside shareholder and it's still trying to get BGFV to improve its corporate governance.
This comes as Stadium Capital has been relatively quiet over the last few years when it comes to BGFV. But in December, Stadium Capital submitted a shareholder proposal to declassify the board. This included eliminating a supermajority election requirement and changing the staggered board in favor of annual board member re-elections. All this was in an effort to fix BGFV's corporate governance issues. Read the full piece here.