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Activist investor Starboard Value LP wants to replace four of the directors on Box Inc.’s board following what it says is a several-year streak of ”substantial underperformance” by the company.
The move sets the stage for a potential proxy fight. Starboard informed Box investors that it’s looking to nominate four new directors in an open letter today.
One of the nominees would replace Box Chief Executive Officer Aaron Levie (pictured) on the company’s board. The investment firm is asking investors to approve the candidates at the cloud-based file-sharing provider’s next annual shareholder event.
Starboard took a position in Box in late 2019 and is one of its largest shareholders, with about an 8% stake. The firm argues that Box’s stock price has underperformed compared with industry peers and the company therefore needs to implement business changes to drive shareholder value. Starboard hopes that placing four new directors on the Box board will advance the p