Browning West, LP, a major shareholder in The Cooper Companies (NASDAQ:COO), escalated its campaign for change on Monday, issuing a detailed letter to the company's board and launching a website urging shareholders to push for sweeping governance and strategic reforms.

The investment firm argued that Cooper's prolonged underperformance stems from weak oversight, misaligned incentives, and a lack of strategic focus, and urged the board to undergo significant refreshment before advancing any corporate actions.

In the letter, Browning West noted that it has invested more than $500 million in Cooper, making it one of the company's largest shareholders.

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The firm said Cooper runs two leading ...