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Autodesk Appoints New Directors
Autodesk, Inc. (NASDAQ: ADSK) has announced a significant development in its corporate governance as it reached settlement agreements with two major shareholders, Sachem Head Capital Management LP and Eminence Capital, LP. As part of these agreements, the company has appointed three new directors to its Board of Directors: Scott Ferguson, Rick Hill, and Jeff Clarke. These additions bring a wealth of experience in technology, finance, and corporate governance to the board, reinforcing Autodesk’s commitment to long-term value creation for both shareholders and customers.
In a statement, Crawford W. Beveridge, non-executive chairman of the board, expressed his enthusiasm about the new appointments. “We are pleased to welcome Scott, Rick, and Jeff to the board. Their expertise will be instrumental in supporting our strategic initiatives and business model transition,†he said. “We remain focused on executing our plan to drive growth and deliver value through innovation and operational excellence.â€
Scott Ferguson, managing partner at Sachem Head, will join the Compensation & Human Resources Committee, while Rick Hill, chairman of Tessera Technologies, will serve on the Corporate Governance & Nominating Committee. Jeff Clarke, CEO of Kodak, will be a member of the Audit Committee. Each brings a unique perspective that aligns with Autodesk’s vision for the future.
Ferguson shared his excitement about joining the board, stating, “Autodesk’s actions demonstrate a clear alignment between the board and shareholders on a path that will enhance long-term value.†Similarly, Ricky Sandler of Eminence Capital emphasized their confidence in the board’s direction, noting their support for the company’s shift to cloud-based solutions.
With the addition of the three new directors, the board will initially consist of 13 members. However, following the 2016 annual meeting, it will reduce to 11 members as two current directors step down. The settlement agreements also include voting and standstill provisions to ensure stability during this transition.
The full details of the agreements will be included in an 8-K filing with the SEC. For more information about the new directors, please refer to the biographies provided. Autodesk continues to innovate and adapt in a rapidly evolving market, with a strong focus on delivering value through its software solutions across industries.