Field stockholders rebuff activist traders’ bid for board adjustments
Field stockholders on Thursday voted to re-elect all of Field’s director nominees, rebuffing a plan from activist administrators to exchange CEO Aaron Levie and two different members of the board. Field introduced the result primarily based on a preliminary vote rely following the corporate’s annual shareholder assembly.
Together with Levie, the stockholder vote retains former VeriSign CFO Dana Evan and McAfee CEO Peter Leav on the board of administrators.
Earlier this yr, activist traders at hedge fund Starboard Worth LP put ahead its personal slate of director nominees to Field’s 10-person board, arguing that Field hasn’t aggressively capitalized on the enterprise tendencies pushed by the COVID-19 pandemic. For an activist funding agency like Starboard, the top sport is to see Field acquired.
Field, for its half, is aiming to place the corporate because the cloud layer for content material administration through integrations with methods of report within the enterprise.
“Field appreciates the help and views we now have obtained from our stockholders all through this course of,” the corporate mentioned in an announcement. “The Board and administration staff will stay centered on persevering with to rework Field and executing Field’s technique to develop profitably and ship important worth to all Field stockholders.”
Levie tweeted Thursday morning, “Extremely fired up for the subsequent section of development at Field.”