Qorvo announced that its Board of Directors resolved to increase the board size from nine to ten directors and to nominate Peter Feld, a Managing Member of activist investor Starboard Value LP, for election to the Board at the 2025 Annual Meeting of Stockholders. In response, Starboard agreed to rescind its prior nomination notice.
CEO Bob Bruggeworth stated that Peter Feld shares the company's goal of driving value for Qorvo shareholders and will contribute additional technology industry knowledge and complementary perspectives to the Board. This move signals a collaborative approach to enhancing corporate governance and strategic direction.
Peter Feld commented that Starboard invested in Qorvo due to the significant potential seen in the company's product portfolio and industry position, which provides a foundation for continued improvement in growth, profitability, and value creation. This resolution concludes a period of engagement with the activist investor.
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