Latest news with #StarboardValue
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.
Bloomberg
15-05-2025
- Business
- Bloomberg
Starboard Slashes Pfizer Stake After Botched Activist Challenge
Activist Starboard Value LP sold off about half of its shares in Pfizer Inc. in the first quarter, following a bungled effort to oust Chief Executive Officer Albert Bourla. The firm had liquidated about 7.6 million of its Pfizer shares as of March 31, according to a securities filing, reducing its stake in Pfizer to $195.9 million. In October, it emerged that Starboard had built about a $1 billion position in the drugmaker and accused the management of destroying more than $20 billion of value.
Business of Fashion
08-05-2025
- Business
- Business of Fashion
Kenvue Beats Estimates on Healthcare Sales, Beauty Lags
Kenvue beat quarterly profit and revenue estimates on Thursday as better-than-expected demand for cough-and-cold brands like Tylenol and Benadryl offset weaker sales in its skin-health and beauty segment, sending shares up nearly 5 percent in premarket trade. However, the consumer health firm said it expects annual profit to remain flat year on year, anticipating higher costs from President Trump's tariffs on US imports. The company had previously forecast adjusted profit to range between flat to a growth of 2 percent in 2025. It had earned $1.14 per share in the previous year. Kenvue, spun off from Johnson & Johnson in 2023, has faced pressure from activist investors to boost performance, particularly at its struggling skin-health and beauty unit, which includes brands like Neutrogena and Aveeno. First-quarter sales at that segment fell 7.3 percent to $977 million, compared with analysts' estimates of $1.09 billion. Sales at self-care - its largest segment by revenue — came in at $1.67 billion. Analysts were expecting that segment to post $1.61 billion in sales. On an adjusted basis, the company earned a profit of 24 cents per share for the reported quarter, compared with analysts' average estimate of 23 cents per share, according to data compiled by LSEG. Kenvue reached an agreement with activist investor Starboard Value earlier this year and added the firm's founder and chief executive, Jeffrey Smith, to its board. Separately, the company said on Thursday Kellanova's Amit Banati will replace Paul Ruh as its chief financial officer, effective May 12. Banati most recently served as the finance chief of Kellanova. Quarterly revenue of $3.74 billion compared with estimates of $3.68 billion. By Mariam Sunny; Edited by Nivedita Bhattacharjee and Pooja Desai Learn more: Kenvue Settles Proxy Fight With Activist Starboard The company appointed three new directors to its board, including Starboard Value CEO Jeffrey Smith, as part of an agreement to resolve a months-long dispute over the company's performance in the skincare and beauty segment.
