Field stockholders rebuff activist buyers’ bid for board adjustments

Field stockholders on Thursday voted to re-elect all of Field’s director nominees, rebuffing a plan from activist administrators to switch CEO Aaron Levie and two different members of the board. Field introduced the result based mostly on a preliminary vote depend following the corporate’s annual shareholder assembly. 

Together with Levie, the stockholder vote retains former VeriSign CFO Dana Evan and McAfee CEO Peter Leav on the board of administrators. 

Earlier this yr, activist buyers at hedge fund Starboard Worth LP put ahead its personal slate of director nominees to Field’s 10-person board, arguing that Field hasn’t aggressively capitalized on the enterprise tendencies pushed by the COVID-19 pandemic. For an activist funding agency like Starboard, the top recreation is to see Field acquired. 

Field, for its half, is aiming to place the corporate because the cloud layer for content material administration by way of integrations with programs of document within the enterprise. 

“Field appreciates the help and views we’ve got acquired from our stockholders all through this course of,” the corporate stated in an announcement. “The Board and administration group will stay centered on persevering with to remodel Field and executing Field’s technique to develop profitably and ship vital worth to all Field stockholders.” 

Levie tweeted Thursday morning, “Extremely fired up for the following section of development at Field.”