Marathon Partners Equity Management is demanding that e.l.f. Cosmetics take action to halt its ever-falling share price, according to a report published by WWD. The company’s stock has lost 51 percent of its value since it was first floated in September, 2016 and its latest results statement shows sales were down 11 percent on the equivalent period last year.

The hedge fund, which holds a 9 percent stake in the mass market beauty brand is said to have written to the board demanding a complete overhaul of strategy, governance and executive compensation.

“It is unfortunate that we have not been able to find common ground with the e.l.f. team and board over the past six months,” Mario Cibelli, Head of Marathon Partners told WWD. “Senior leadership and the board have lost sight of the obligations and responsibilities that come with accepting new investors and public company ownership.”

Among Marathon’s ‘advice’ is that e.l.f. appoint a non-TPG designated director to the board, that the role of Chairman and CEO be split and ‘difficult decisions’ made relating to salaries, store count and office space.