Symantec yields to activist investor

Struggling security titan makes three board appointments after investor took 5.8 per cent stake last month

Symantec has appointed three new board members following pressure from activist investor Starboard Value.

Starboard took a 5.8 per cent stake in Symantec last month with a plan to "unlock value" in the vendor. The investor also put forward a list of potential board members.

Symantec has now confirmed that three new directors have been appointed, including Starboard managing member Peter Feld.

Dan Schulman, chairman of the Symantec board, said: "As we began our board refreshment process, we were mindful of upcoming director retirements given our board member age limit and were pleased that Starboard offered a number of talented candidates to ensure that Symantec maintained a strong and engaged board.

"Our new directors have financial and business acumen, public company board experience and technology sector expertise that complement our board's skills and experience.

"We look forward to benefiting from their relevant expertise as the board and management continue working together to drive Symantec's growth and long-term success."

Joining Feld on the board is former McAfee interim CEO Dave Fuller and Richard Hill, a former board member at Arrow Electronics.

Feld said: "We invested in Symantec because we see an opportunity for substantial stockholder value creation, and we look forward to representing the best interests of all stockholders.

"We are aligned with management in our belief that there are significant opportunities to continue to drive improved financial results, including enhanced operating margins and growth.

"We are excited to work with the management team and board as the company continues to execute on the transformation plan. We appreciate the constructive partnership and shared objective to further expand Symantec's position as an industry leader."

Starboard's interest in Symantec came in the middle of a turbulent time that saw the vendor announce plans to slash its workforce and investigate financial discrepancies.