Starboard Reiterates Call for Significant Change at Autodesk Following Reports of Senior Executives Intentionally Misleading Shareholders
“As we have stated in prior communications to our fellow shareholders and Autodesk’s Board, there is an urgent need for significant change at the Company due to its meaningful share price underperformance, poor financial results, and troubling disclosure and governance practices. This need has been underscored by recent public reports that spotlight the apparent lengths to which Autodesk’s leadership went in order to mislead shareholders while attempting to meet certain financial targets. These reports corroborate many of the concerns and issues raised in our publicly-issued presentation dated
On
The Board’s Audit Committee investigation has already acknowledged Autodesk’s use of misleading disclosures. The recent reporting further confirms that senior executives relied on business practices that were not in Autodesk’s best interests and carried significant risks and did so in an attempt to manipulate results in order to meet financial targets.
We find the complete lack of consequences throughout this entire process deeply troubling, and we question the Board’s seeming abdication of its responsibilities.
We urge the Board to hold management accountable for its actions. The Board must objectively evaluate whether CEO
Autodesk is a fantastic business with a significant opportunity to improve its financial results. This recent reporting only strengthens our belief that substantial change is needed at Autodesk in order for the Company to achieve its full potential.”
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