Exclusive-Activist hedge fund Starboard targets benefits services provider Alight By Reuters
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© Reuters.
By Svea Herbst-Bayliss
(Reuters) – Activist hedge fund Staboard Value has amassed a stake in Alight and has nominated four people to the U.S. benefits services provider’s board of directors in a push for changes, people familiar with the matter said on Wednesday.
Starboard has nominated three independent candidates and one of its own executives as candidates, the sources said.
Starboard’s exact plan for Alight could not be learned. Earlier on Wednesday, Alight disclosed fourth-quarter earnings and 2024 forecasts that missed analysts’ expectations, and also announced it had hired financial advisers to carry out “a strategic portfolio review”.
The sources requested anonymity because Starboard has yet gone public with its position in Alight. Spokespeople for Starboard and Alight were not immediately available for comment.
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© Reuters.
By Svea Herbst-Bayliss
(Reuters) – Activist hedge fund Staboard Value has amassed a stake in Alight and has nominated four people to the U.S. benefits services provider’s board of directors in a push for changes, people familiar with the matter said on Wednesday.
Starboard has nominated three independent candidates and one of its own executives as candidates, the sources said.
Starboard’s exact plan for Alight could not be learned. Earlier on Wednesday, Alight disclosed fourth-quarter earnings and 2024 forecasts that missed analysts’ expectations, and also announced it had hired financial advisers to carry out “a strategic portfolio review”.
The sources requested anonymity because Starboard has yet gone public with its position in Alight. Spokespeople for Starboard and Alight were not immediately available for comment.
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