Activist investor Starboard has acquired a 5.8 per cent stake in Symantec in what it claims is a move to 'unlock value' in the struggling security giant.
Symantec has been going through a rocky patch that has seen its share price plummet over 40 per cent since October.
In May the vendor said it had started an internal investigation after concerns were raised over "public disclosures including commentary on historical financial results".
Then earlier this month Symantec said it will look to axe eight per cent of its workforce to save around $115m (£90m) annually, after posting weak quarterly results and slashing its revenue forecasts.
In a filing with the US Securities and Exchange Commission, Starboard said it would overhaul the board at Symantec with five potential candidates.
The filing stated: "The reporting persons (Starboard and the candidates) believe that the nominees have the qualifications, experience and skill sets necessary to serve as directors of the issuer (Symantec).
"The reporting persons hope to continue to engage in constructive dialogue with the issuer's management team and the board regarding opportunities to unlock value at the issuer, including changes to the composition of the board."
Symantec has since confirmed that it has been in discussion with Starboard regarding the nominations, but said that a date for its annual meeting of stockholders, where its board line-up is decided, has not yet been set.
The vendor said: "Symantec maintains open communications with its stockholders and values constructive input that advances the goal of creating value for all stockholders.
"Over the last several weeks, we have had a dialogue with Starboard and we plan to continue these discussions."
Wall Street responded well to the news, with Symantec's share price rising almost nine per cent.
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