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Box Board of Directors Highlights Changes Made to Drive Stockholder Value
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Box details the behind the scenes fight with Starboard Value - Silicon Valley Business Journal
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Activist investor Starboard Value makes official bid for Box board seats in letter
Last week activist investor Starboard delivered a public letter rebuking Box for what it perceives as underperformance. Today the firm, which owns 8% of Box stock, making it the company’s largest stock holder, took it a step further with an official slate of four candidates it will be putting up at the next stockholder’s meeting.
While the company rehashed many of the same complaints as in last week’s letter, this week it explicitly stated its intent to run its own slate of candidates for the Box board. “Therefore, in accordance with the Company’s governance deadlines and in order to preserve our rights as stockholders, we have delivered a formal notice to Box nominating four highly qualified director candidates (the “Nominees”) for election to the Board at the Annual Meeting,” Starboard wrote in a public letter to Box.
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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
Activist investor Starboard Value is clearly fed up with Box and it let the cloud content management know it in no uncertain terms in a letter published yesterday. The firm, which bought a 7.7% stake in Box two years ago, claims the company is underperforming, executing poorly and making bad business decisions — and it […]
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