- Activist investor Starboard Value has built a sizeable stake in engineered materials firm Rogers Corp. ( NYSE: ROG ) and plans to push for board changes.
- Starboard has been accumulating a stake in Rogers ( ROG ) that is close to 5% and has informed the the company it plans to nominate at least three individuals for its 10-person board, according a Reuters report on Friday, which cited people familiar.
- The push from Starboard, led by its head Jeff Smith, comes after the shares have plunged 36% since Dupont ( DD ) abandoned its $5.2 billion purchase of Rogers ( ROG ) in November after failing to gain Chinese regulatory. Rogers shares have risen 23% this year.
- Rogers ( ROG ) also announced in November that its CEO would retire by end and of last year and would be replaced by Colin Gouveia. Earlier this month Rogers appointed Larry Schmid as senior vice president, global operations and supply chain.
- Activist Starboard has been busy in recent months including taking stakes in Salesforce ( CRM ), Splunk ( SPLK ) and Vertiv ( VRT ).
For further details see:
Activist investor Starboard said to build stake in Rogers Corp. - report