Activist hedge fund Elliott Investment Management has secured a board seat at online retail platform Etsy with Portfolio Manager Marc Steinberg having been appointed as a Director with effect from 5 February, according to a report by Reuters.
The report cites an unnamed source familiar with the matter as confirming that Elliott holds a 13% stake in Etsy in the form of both common shares and swaps, making it the largest investor in the business.
The appointment of Steinberg, who specialises in technology, media and telecommunications investments at Elliot, means that Etsy now has 10 board members, nine of whom are independent.
Steinberg has also been named as a Partner at $59.2bn Elliot along with Nabeel Bhanji and Jason Genrich, according to a Reuters source.
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