From Yahoo Finance: 2025-03-26 08:20:00

Starboard Value nominates three director candidates, including CEO Jeff Smith, to Autodesk’s board in proxy battle over margin growth. Nominees include Geoff Ribar and Christie Simons. Starboard, with a $500 million stake, argues for board change, citing overspending and underperformance. Autodesk defends strategy, adds independent board members.

In the fourth quarter, Starboard reduced its Autodesk investment by 44%. The company, valued at $58 billion, has seen shares drop over 7% this year. Investors welcome Starboard’s proxy fight, predicting potential cost savings and share price increase. Company offers hedge fund a role in selecting new directors.

Last year, Starboard pushed for CEO change and cost cuts at Autodesk. The company added two independent directors in December 2024. Former Intel executive Stacy Smith serves as non-executive chairman. Some investors see Starboard’s nomination as a chance for value creation through cost management, accountability, and focus on AI and cloud technologies.

Read more: Starboard revives proxy fight with CEO Smith’s nomination to Autodesk board