Qorvo nominates Starboard's Peter Feld to board, ends boardroom battle
(Reuters) -Chipmaker Qorvo said on Monday it will nominate activist investor Starboard Value's managing member Peter Feld to its board, ending a boardroom battle as the Apple supplier's stock shows signs of recovery.
Stiff competition and a shift in demand towards entry-tier smartphones pushed Qorvo shares down about 38% last year. However, the possibility of winning additional chip contracts with major customer Apple has sent shares up more than 10% this year.
In April, Starboard said it delivered a letter to Qorvo, nominating Feld for election to the board and increased its stake in the company to about 8.9%.
This holding is valued at over $600 million, based on Qorvo's market capitalization of about $7.44 billion at the previous close.
Feld is a managing member, portfolio manager, and head of research at Starboard.
Earlier in April, Qorvo appointed former NXP Semiconductors CEO Richard Clemmer and Marvell Technology COO Christopher Koopmans as independent directors.
Starboard's stake in the chipmaker was first disclosed in a filing in January, at about 7.7% then, estimated to be worth over $500 million at that time.
The Jeffrey Smith-led hedge fund is one of the world's most prominent activist investors and has pushed for changes at firms including Pfizer and Salesforce.
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