Activist Starboard launches proxy battle at Autodesk; to nominate directors
Technology
Activist Starboard launches proxy battle at Autodesk; to nominate directors
(Reuters) - Starboard Value is launching a boardroom battle at Autodesk and is looking to nominate directors to its board, the activist investor said on Wednesday, intensifying a prolonged struggle to effect changes at the design software maker.
Starboard, which held Autodesk shares worth more than $300 million as of December 31, intends to nominate a minority slate of director candidates for election at the 2025 annual meeting, it said in a letter to Autodesk shareholders.
The company's annual shareholder meeting is scheduled for June 18, Autodesk said in a filing in January.
Autodesk's shares rose close to 2% in premarket trading, after having fallen more than 12% so far this year, marking a far deeper slump than the S&P 500's 4.5% drop. The company's 21.4% gain last year also underperformed the S&P 500's 23.3% jump in that period.
