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Marvell Technology Group Ltd. (NASDAQ: MRVL) disclosed it struck an agreement with Starboard Value LP, which has a stake of about 6.5 percent in the Company's outstanding common stock. The agreement dealt with the composition of the company's Board of Directors.
According to the company, under the terms of the deal, Marvell's Board would elect Peter Feld, Richard Hill and Oleg Khaykin to the Board. As far as Starboard was concerned, it would designate an additional independent director to be added to it the company's board as soon as practical.
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Marvell indicated it would also elect Robert Switz to the Board. Feld, Hill, Khaykin and the additional independent director were named in line with the deal and would stand for election as nominees of Marvell at the 2016 annual meeting of shareholders.
The company also indicated its board commenced a search to identify a Chief Executive Officer. The tech firm added that the search would be overseen by the Nominating and Corporate Governance Committee of the Board, which would be chaired by Feld. Aside from that, it retained a leading executive search firm to help in identifying candidates.
Starboard has also agreed to vote all of its shares in favor of the Marvell nominees at the annual general meeting of shareholders as part of the deal, and struck other customary standstill and voting commitments. The agreement between Marvell and Starboard would be filed with the SEC.
Commenting on the agreement, Starboard's Managing Member, Feld, said, "We are pleased to have reached a constructive agreement with Marvell. Marvell is a world class technology company, and we believe there is a significant opportunity to regain and solidify Marvell's position as a leader in storage, networking, connectivity, and multimedia solutions. Bob, Rick and Oleg bring significant experience in the semiconductor industry, and I look forward to working constructively with my fellow Board members and the management team to create value for the benefit of all shareholders, customers and employees."
Following the news, shares of the company traded 2 percent higher on Wednesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.