February 7, 2017 / 2:54 PM / 3 years ago

Autodesk CEO, two investor-nominated directors to step down

Feb 7 (Reuters) - 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 2018.

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 Kalluvila

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