Autodesk to Add Three New Members to Its Board
Many activists battle with tech companies have made big news in recent times but a potential fight that was brewing at Autodesk ended gently for a change.
On Friday, the San Rafael, California- based design software maker said it had settled matters with two activist hedge funds which held greater than ten percent of the company's shares together. The two activist investors companies with which Autodesk settled terms are Sachem Head Capital Management and Eminence Capital.
As per the agreement, three new directors will be added to the board of Autodesk, namely Scott Ferguson, Richard S. Hillb and Jeff Clarke. Initially the company's board will expand to thirteen members after the new additions but later it will shrink to eleven members as two of the present members will leave after the company's annual meeting.
On Friday, Crawford W. Beveridge, non-executive chairman of the board said, "We welcome Scott, Rick and Jeff to the board, who bring considerable expertise in technology, finance and governance for the benefit of the company and its shareholders."
On Friday, the company's shares closed 1.2 percent up at $56.61.
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