Latest news with #PeterFeld
CNA
19-05-2025
- Business
- CNA
Qorvo nominates Starboard's Peter Feld to board, ends boardroom battle
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 per cent last year. However, the possibility of winning additional chip contracts with major customer Apple has sent shares up more than 10 per cent 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 per cent. 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 per cent 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.
Reuters
19-05-2025
- Business
- Reuters
Qorvo nominates Starboard's Peter Feld to board, ends boardroom battle
May 19 (Reuters) - Chipmaker Qorvo (QRVO.O), opens new tab 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 (AAPL.O), opens new tab 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 (AAPL.O), opens new tab 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 (NXPI.O), opens new tab CEO Richard Clemmer and Marvell Technology (MRVL.O), opens new tab 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 (PFE.N), opens new tab and Salesforce (CRM.N), opens new tab.
Yahoo
19-05-2025
- Business
- Yahoo
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.
Yahoo
15-05-2025
- Business
- Yahoo
Gen Announces Board Transitions, Welcomes John Chrystal as Peter Feld Departs
TEMPE, Ariz. and PRAGUE, May 15, 2025 /PRNewswire/ -- Gen Digital Inc. (NASDAQ: GEN), a global leader dedicated to powering Digital Freedom, today announced the departure of Peter Feld from its Board of Directors, following his impactful tenure that began in 2018. With this departure, Gen welcomes John Chrystal, former member of MoneyLion's Board of Directors, who joins the Gen Board as the Company accelerates its innovation and focus on financial wellness. Peter Feld has been an extraordinary force behind Gen's evolution. Joining the board of Symantec in 2018, Peter played an integral role in transforming the Company. His leadership was instrumental in the creation of NortonLifeLock, the subsequent merger with Avast, and the birth of Gen as a global consumer Cyber Safety brand and category leader. "Peter has been a crucial partner and an invaluable asset to Gen," said Frank Dangeard, Chair of Gen's Board of Directors. "His vision and commitment have been central to shaping our strategy and setting the foundation for our growth. His legacy will always remain a part of Gen's DNA as we look toward a future of empowering every individual to live their digital life confidently and securely. On behalf of the entire team, I want to extend my deepest gratitude to Peter for his contributions." Peter Feld said, "After serving for six years, it is time for me to step down from the Board. It has been an incredible journey, and I am thankful to Vincent, the entire management team, and the Board of Directors for their commitment to Gen and hard work towards delivering results and value creation. Gen is extremely well-positioned for the future with a strong foundation and exciting new growth prospects through its evolution into financial wellness. I look forward to watching the company continue to thrive." Gen also introduces John Chrystal to its Board of Directors. With extensive expertise in fintech and financial innovation, John's leadership comes at a pivotal time following Gen's acquisition of MoneyLion, where he served as Chair of the Board of Directors. His appointment signals Gen's deepening commitment to expanding its portfolio in financial wellness, enabling consumers to safeguard both their digital lives and their financial future. John's experience will directly contribute to Gen's renewed mission, extending beyond Cyber Safety, to include financial wellbeing. John Chrystal adds, "I am excited and humbled to join the extraordinary management and Board team at Gen. I look forward to all the ways I can contribute to the company as it pursues its important mission. In today's world, trust-based solutions for digital and financial wellness are incredibly important. I look forward to aiding consumers as they strive to make the best financial choices possible, all while safeguarding their financial and digital future." With these transitions, Gen stands at the forefront of industry innovation, laser-focused on delivering unparalleled value to consumers across its family of trusted brands. About Gen Gen (NASDAQ: GEN) is a global company dedicated to powering Digital Freedom through its trusted consumer brands including Norton, Avast, LifeLock, MoneyLion and more. The Gen family of consumer brands is rooted in providing financial empowerment and cyber safety for the first digital generations. Today, Gen empowers people to live their digital lives safely, privately and confidently for generations to come. Gen brings award-winning products and services in cybersecurity, online privacy, identity protection and financial wellness to nearly 500 million users in more than 150 countries. Learn more at CONTACTS Investor Contact Jason StarrMedia Contact Jess Monney GenGen IR@ View original content to download multimedia: SOURCE Gen Digital Inc. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
10-04-2025
- Business
- Reuters
Barry Callebaut to scale up US production to cope with 'disruptive environment'
April 10 (Reuters) - Barry Callebaut (BARN.S), opens new tab is planning to increase its U.S.-based production to fend off effects of the "disruptive environment" in North America and stay close to its customers, the Swiss chocolate maker's chief executive said on Thursday. "We have one ... facility that we will scale out to about 100,000 tons in the United States that will allow us to actually serve customers better also in the U.S.," CEO Peter Feld said during a post-earnings call with analysts. He also said that the cocoa processor, which supplies chocolate for Unilever's (ULVR.L), opens new tab soon-to-be-spun-off Magnum ice creams and Nestle's (NESN.S), opens new tab KitKat bars, was doubling down on investments in its plant in Brantford, Canada. Companies with operations in the United States are grappling with on-again, off-again tariff announcements from President Donald Trump, who in a stunning reversal on Wednesday paused most of his hefty duties but left a 10% blanket tariff on almost all U.S. imports. In March, chocolate maker Lindt (LISN.S), opens new tab said it would supply chocolate made in Europe to Canada to avoid Canadian tariffs imposed to counter the higher U.S. customs duties. North America made up more than one-tenth of Barry Callebaut's global sales volume measured in metric tons in the 2023/24 financial year. "We believe that we've seen the worst quarter behind us," Feld said after the world's biggest chocolatier lowered its annual volume guidance as part of its half-year update, which sent its shares down to twelve-year lows.
