David Tepper, the founder of hedge fund Appaloosa Management has stepped up pressure on Whirlpool, accusing the appliance manufacturer of destroying shareholder value and calling for sweeping strategic changes, according to a report by the Wall Street Journal.

In a letter to the board, Tepper criticised Whirlpool’s recent equity issuance, saying he was “astonished” by the move given what he described as a cost of capital exceeding 10%. He argued the transaction led to unnecessary shareholder dilution and reflected poor judgment by senior management and the board.

Appaloosa, which owns roughly 7% of Whirlpool according to regulatory filings, said it ranks among the company’s largest shareholders. The fund also accused management of failing to take advantage of tariffs introduced under the Trump administration, suggesting Whirlpool should have explored partnerships or mergers with foreign competitors impacted by the measures.

Tepper said such moves could have supported US employment while enhancing shareholder returns, adding that the management team had overseen the destruction of “hundreds of millions of dollars” in value over recent years.

“There can be no more excuses,” Tepper wrote, calling for decisive action to reverse the company’s fortunes.