Activist hedge fund Starboard Value has successfully secured board representation at Qorvo, with the semiconductor firm announcing it will nominate Peter Feld, Starboard’s Managing Member and Head of Research, to its board of directors, according to a report by Reuters.
The move effectively ends a simmering boardroom dispute between the two sides.
The development marks a strategic win for the Jeffrey Smith-led hedge fund, one of the most prominent players in activist investing, which had ramped up pressure on Qorvo in April by formally nominating Feld and increasing its stake in the business to 8.9%, now valued at more than $600m.
Starboard initially disclosed its interest in Qorvo in January with a 7.7% stake, reflecting a high-conviction position in the Apple supplier, which has faced significant headwinds over the past year. Shares in Qorvo dropped 38% in 2023 amid tough smartphone competition and weakening demand in premium handset segments. However, the stock has rebounded more than 10% year-to-date, buoyed by renewed optimism around future chip orders from Apple.
Feld’s addition to the board follows Qorvo’s recent appointment of two high-profile independent directors—Richard Clemmer, former CEO of NXP Semiconductors, and Christopher Koopmans, COO of Marvell Technology—indicating the company’s openness to strategic input during a critical phase of its turnaround.
For Starboard, the resolution is consistent with its typical playbook – acquiring sizeable stakes in undervalued or underperforming companies, agitating for board representation, and pushing for operational or strategic changes to unlock shareholder value. The fund has previously launched successful campaigns at large-cap names such as Salesforce and Pfizer.
While Qorvo and Starboard have not disclosed specific terms behind the agreement, the appointment of Feld suggests a negotiated outcome that aligns with shareholder interests without escalating into a proxy fight.
