Symantec Names New Directors in Deal with Starboard

The activist hedge fund filed its 13D threatening a proxy fight withSymantecjust one month ago.

Michele Tantussi/Bloomberg

Michele Tantussi/Bloomberg

Well, that was quick.

One month after Starboard Value disclosed a 5.8 percent stake in Symantec Corp. and nominated five director candidates to its board, the activist hedge fund and the cyber-security giant have reached a truce.

The company, best known for its Norton AntiVirus software, agreed to add three of Starboard’s nominees to its board: Starboard partner Peter Feld; Rick Hill, who has a lot of experience in technology hardware and software; and Dale Fuller, who Starboard says “has substantial expertise in the technology industry, and directly applicable...

To continue reading, subscribe now to Premium Journalism. Already a subscriber? login.

Related