Activists Make European CEO Heads Roll on $225 Billion Warpath

Activist investors are finding their European targets more willing to do away with management than heed calls for dramatic change—for now.

A wave of campaigns launched in the last 18 months has been followed by the exits of chief executive officers at companies with a combined market capitalization of more than $225 billion, according to data compiled by Bloomberg. These range from British telecom giant Vodafone Group Plcto Swiss software developer Temenos AG.

Despite the personnel wins, many activists are still waiting for companies to enact deeper structural changes like break-ups, which they say are needed to boost ...