September 17, 2018 / 9:46 PM / 2 months ago

Symantec names three Starboard nominees to board

FILE PHOTO: The Symantec logo is pictured on a screen June 13, 2016. REUTERS/Thomas White/Illustration/File Photo

(Reuters) - Symantec Corp (SYMC.O) said on Monday it named three nominees of Starboard Value LP to the Norton anti-virus software maker’s board, barely a month after the activist investor took a stake in the company to push for a change.

Starboard had nominated five directors to Symantec’s board after taking a 5.8 percent stake in the company.

The new board members are Starboard managing member and head of research Peter Feld, Marvell Technology Group Ltd (MRVL.O) Chairman Richard Hill and media analytics firm Comscore board member Dale Fuller.

“We are excited to work with the management team and board as the company continues to execute on the transformation plan,” Feld said.

Symantec, which is carrying out an internal accounting probe, is cutting jobs in an attempt to improve margins.

Starboard had told Wall Street Journal that its board nominees could help remediate any financial-reporting issues and improve operations at the company.

The hedge fund has a history of buying a stake in poorly-performing companies to change the composition of the board and drive growth.

Symantec shares rose 1 percent in extended trading on Monday. The stock is down 29 percent this year.

Reporting by Sonam Rai in Bengaluru; Editing by Maju Samuel and Anil D'Silva

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