America’s activist investor, Starboard Value LP said it has acquired 5.8% equity stake in web security company, Symantec.
According to Reuters News which quoted the Wall Street Journal that Starboard is seeking five board seats at the cyber-security company.
Starboard privately named its nominees in June after buying the stake worth about $670 million, WSJ said citing sources.
According to Starboard, Symantec needs operational changes to improve margins, especially in its business-facing segment, WSJ said.
Starboard says its nominees could help improve operations as well as amend issues with financial reporting, and the suggested members include a former chairman of antivirus company AVG Technologies and a former Intuit Inc (INTU.O) executive, Reuters cited the WSJ.