Meet The Five People Starboard Value Wants To Put On Symantec's Board
A New Set Of Eyes
Activist investor Starboard Value revealed Thursday that it has taken a 5.8 percent position in Symantec and plans to nominate five candidates for a director position on the Symantec Board of Directors.
Starboard believes that Symantec's shares were undervalued at the time of purchase (primarily since mid-June) and said it hopes to engage in constructive dialogue with the Mountain View, Calif.-based company's management team and board regarding opportunities to unlock more value. Specifically, Starboard said it's looking to change the composition of Symantec's board.
Only one of the proposed five board members is employed by Starboard itself, and the nominees have leadership experience ranging from top competitor McAfee to IT specialty distributor Arrow Electronics to professional services giant Ernst & Young. Each of the four non-Starboard nominees has purchased at least $16,000 worth of Symantec shares with personal funds on the open market.
Read on to learn more about the people Starboard would like to have chart Symantec's future.