Starboard has a big stake in the graphics software maker and is pushing its board to reassess leadership, cost structure, compensation and transparency.
Activist Starboard Value is pushing Autodesk to reassess whether longtime CEO Andrew Anagnost is the right person for the job.
The activist investor, led by Jeff Smith, sought earlier this year to mount a proxy fight at the company, and while those efforts have been shut down in the short term by a Delaware court ruling, Starboard shows no signs of relenting., who has helmed the software maker for seven years, is the right person to lead the company forward, according to the presentation.
Starboard is also pushing for cost cuts and a realigned executive compensation plan, all of which it believes can drive margin improvement of up to 1,000 basis points. A basis point is equal to one-hundredth of a percentage point. The activist has also honed in on Autodesk's poor track record with investor communications, noting in its presentation that the company had missed or was on track to miss every investor day commitment it had made since 2018. Those misses have all been under Anagnost's leadership.Autodesk has underperformed its benchmark indexes in every annual time frame since Anagnost took over, according to Starboard's analyses.
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