It would be hard to blame shareholders of most companies if they rooted for Jeff Ubben to join their company’s board of Directors. Afterall, since 2001, the co-founder of San Francisco-based hedge fund ValueAct Capital has served on the Board of 21 companies. Two years after he was named a director, the stocks of those companies were up, on average, 9.69 percent compared with a loss of 3.77 percent for the S&P 500, for an outperformance of nearly 14 percentage points, according to calculations made by FactSet SharkWatch.

Last week, Ubben, who typically owns between a dozen and 20 stocks at a time, seemed to work his magic again when Sara Lee announced a major restructuring last week. Unlike activist hedge fund managers such asThirdPoint’s Dan Loeb, who loves to mix it up publicly with management with direct attacks on their character, Ubben prefers to act behind the scenes and help develop a long-term plan to enhance shareholder value.

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