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Starboard Push for Box Board Nominees Falls Short

  • Hedge fund had been seeking greater say in company strategy
  • Starboard says it will continue to monitor Box’s performance
Aaron Levie
Aaron LeviePhotographer: Michael Short/Bloomberg
Updated on

Starboard Value’s efforts to revamp Box Inc.’s board fell short Thursday with shareholders in the software company electing three incumbent directors instead of the activist investor’s nominees. 

The New York-based hedge fund had been seeking three seats on the board in an effort to improve Box’s performance and governance. Preliminary tallies show that investors rejected Starboard’s calls for change and supported management’s three nominees, including Chief Executive Officer Aaron Levie, the company said in a statement