Starboard Reaffirms Call For 'substantial Change' At Autodesk
2024-08-18
4039
(fxcue news) - Starboard Value LP, a significant shareholder of Autodesk, Inc. (ADSK) on Thursday released a statement regarding recent reports of uncovered internal documents which allegedly show Autodesk executives ignored employees' warnings about controversial sales tactics and intentionally deceived shareholders.
Starboard said 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.
Starboard added that Autodesk's leadership mislead shareholders while attempting to meet certain financial targets.
Autodesk executives reportedly ignored warnings by employees about the risks associated with pursuing multi-year, upfront billings and continued to it in order to meet financial targets, while at the same time promising investors that the Company would stop this practice.
The Board's Audit Committee investigation has already acknowledged Autodesk's use of misleading disclosures.
Starboard urges the Board to hold management accountable for its actions. The Board must also objectively evaluate whether CEO Andrew Anagnost is the right individual to lead Autodesk. Additionally, it will be incumbent upon shareholders to hold the Board accountable for its failure to provide proper oversight and protect shareholder interests.
Starboard concluded by saying that Autodesk is a fantastic business with a significant opportunity to improve its financial results. This recent reporting only strengthens its belief that substantial change is needed at Autodesk in order for the Company to achieve its full potential.
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