Feb 7 Software maker Autodesk Inc said
Chief Executive Carl Bass would step down and two board members
nominated by activist investor Sachem Head Capital would resign.
Autodesk in March reached a settlement with two activist
investors - Eminence Capital LP and Sachem Head Capital - and
appointed three directors to its board to avoid a proxy fight.
The AutoCAD design software maker and the investors had at
the time also signed a so-called "standstill" agreement, which
generally means the activists will cooperate with the board over
a set period of time.
Autodesk said on Tuesday Sachem agreed to continue its
earlier standstill and voting agreement provisions until June
Bass, who held the top job for more than a decade, will
continue to sit on the board and will be nominated for
re-election, the company said on Tuesday.
(Reporting by Rishika Sadam in Bengaluru; Editing by Sriraj