SAN RAFAEL, Calif. (AP) — Design software company Autodesk Inc. has named three new directors to its board, while reaching a truce with a pair of activist investors.
The company said Friday that Sachem Head Capital Management and Eminence Capital, which each own slightly less than 6 percent of Autodesk's outstanding shares, agreed to "customary standstill restrictions" and to vote for the Autodesk board's nominees through the Sept. 30 expiration of the agreement.
In a November SEC filing, Sachem said it believed Autodesk's stock was undervalued and that it wanted to talk with the company about its financial condition and board composition.
On Friday, Autodesk announced that it named Scott Ferguson of Sachem Head Capital Management to its board, along with Rick Hill, chairman of Tessera Technologies Inc., and Jeff Clarke, the CEO of Kodak.
San Rafael, California-based Autodesk said the appointments bring the number of Autodesk board members to 13, but that it would be reduced to 11 after two current members opt out of re-election at the 2016 annual meeting.
Last month, Autodesk reported a fiscal fourth-quarter loss of $32.7 million, after reporting a profit in the same period a year earlier. The company's shares are down almost 7 percent since the beginning of the year, but rose about 1.4 percent Friday afternoon to $56.75.
