Qorvo® Announces Intent to Nominate Peter Feld of Starboard Value for Election to the Board at the 2025 Annual Meeting
Qorvo (NASDAQ: QRVO) has announced plans to expand its Board of Directors from nine to ten members and nominate Peter Feld of Starboard Value for election at the 2025 Annual Meeting. The nomination follows constructive engagement with Starboard Value, with the Board recommending shareholders vote in favor of all director nominees, including Feld. In response, Starboard has agreed to withdraw its nomination notice.
Peter Feld, Managing Member of Starboard Value LP, expressed optimism about Qorvo's strong product portfolio and industry position, highlighting opportunities for growth and value creation. Bob Bruggeworth, Qorvo's President and CEO, noted Feld's alignment with shareholder value creation goals and his potential contribution through technology industry knowledge and fresh perspectives.
Qorvo (NASDAQ: QRVO) ha annunciato l'intenzione di ampliare il proprio Consiglio di Amministrazione da nove a dieci membri, nominando Peter Feld di Starboard Value per l'elezione all'Assemblea Annuale del 2025. Questa nomina arriva a seguito di un dialogo costruttivo con Starboard Value, con il Consiglio che raccomanda agli azionisti di votare a favore di tutti i candidati al consiglio, incluso Feld. In risposta, Starboard ha accettato di ritirare il proprio avviso di nomina.
Peter Feld, Membro Gestore di Starboard Value LP, ha espresso ottimismo riguardo al solido portafoglio prodotti e alla posizione di Qorvo nel settore, sottolineando le opportunità di crescita e creazione di valore. Bob Bruggeworth, Presidente e CEO di Qorvo, ha evidenziato l'allineamento di Feld con gli obiettivi di creazione di valore per gli azionisti e il suo potenziale contributo grazie alla conoscenza del settore tecnologico e a nuove prospettive.
Qorvo (NASDAQ: QRVO) ha anunciado planes para ampliar su Junta Directiva de nueve a diez miembros y nominar a Peter Feld de Starboard Value para su elección en la Reunión Anual de 2025. La nominación sigue a un compromiso constructivo con Starboard Value, y la Junta recomienda a los accionistas votar a favor de todos los candidatos, incluido Feld. En respuesta, Starboard ha acordado retirar su aviso de nominación.
Peter Feld, Miembro Gerente de Starboard Value LP, expresó optimismo sobre la sólida cartera de productos y la posición de la industria de Qorvo, destacando oportunidades de crecimiento y creación de valor. Bob Bruggeworth, Presidente y CEO de Qorvo, señaló la alineación de Feld con los objetivos de creación de valor para los accionistas y su potencial contribución a través de su conocimiento de la industria tecnológica y nuevas perspectivas.
Qorvo (NASDAQ: QRVO)는 이사회를 9명에서 10명으로 확대하고 2025년 연례 총회에서 선출될 스타보드 밸류의 피터 펠드를 후보로 지명할 계획을 발표했습니다. 이번 지명은 스타보드 밸류와의 건설적인 협력의 결과이며, 이사회는 주주들에게 펠드를 포함한 모든 이사 후보자에게 찬성 투표할 것을 권고하고 있습니다. 이에 스타보드는 후보 지명 철회를 동의했습니다.
스타보드 밸류 LP의 매니징 멤버인 피터 펠드는 Qorvo의 강력한 제품 포트폴리오와 업계 내 입지에 대해 낙관적인 견해를 표명하며 성장 및 가치 창출 기회를 강조했습니다. Qorvo의 사장 겸 CEO인 밥 브루게워스는 펠드가 주주 가치 창출 목표와 일치하며 기술 산업에 대한 지식과 새로운 시각을 통해 기여할 잠재력이 있다고 언급했습니다.
Qorvo (NASDAQ: QRVO) a annoncé son intention d'élargir son conseil d'administration de neuf à dix membres et de proposer la candidature de Peter Feld de Starboard Value pour l'élection lors de l'assemblée générale annuelle de 2025. Cette nomination fait suite à un engagement constructif avec Starboard Value, le conseil recommandant aux actionnaires de voter en faveur de tous les candidats au conseil, y compris Feld. En réponse, Starboard a accepté de retirer son avis de nomination.
Peter Feld, membre gérant de Starboard Value LP, a exprimé son optimisme quant au solide portefeuille de produits et à la position de Qorvo dans l'industrie, soulignant les opportunités de croissance et de création de valeur. Bob Bruggeworth, président et CEO de Qorvo, a noté l'alignement de Feld avec les objectifs de création de valeur pour les actionnaires et sa contribution potentielle grâce à sa connaissance de l'industrie technologique et à ses nouvelles perspectives.
Qorvo (NASDAQ: QRVO) hat Pläne angekündigt, seinen Vorstand von neun auf zehn Mitglieder zu erweitern und Peter Feld von Starboard Value für die Wahl auf der Hauptversammlung 2025 zu nominieren. Die Nominierung folgt auf eine konstruktive Zusammenarbeit mit Starboard Value, wobei der Vorstand den Aktionären empfiehlt, für alle Direktorenkandidaten, einschließlich Feld, zu stimmen. Als Reaktion darauf hat Starboard zugestimmt, seine Nominierungsmitteilung zurückzuziehen.
Peter Feld, geschäftsführendes Mitglied von Starboard Value LP, zeigte sich optimistisch hinsichtlich des starken Produktportfolios und der Branchenposition von Qorvo und hob Chancen für Wachstum und Wertschöpfung hervor. Bob Bruggeworth, Präsident und CEO von Qorvo, betonte die Übereinstimmung Felds mit den Zielen der Wertschöpfung für Aktionäre und sein Potenzial, durch sein Wissen über die Technologiebranche und neue Perspektiven einen Beitrag zu leisten.
- Addition of experienced technology industry professional to the Board
- Constructive resolution with activist investor Starboard Value
- Expansion of Board diversity and perspectives
- None.
Nomination Follows Constructive Engagement with Starboard Value
GREENSBORO, N.C., May 19, 2025 (GLOBE NEWSWIRE) -- Qorvo® (NASDAQ: QRVO), a leading global provider of connectivity and power solutions, today announced that its Board of Directors (the “Board”) has resolved to increase the size of the Board from nine to ten directors and to include Peter Feld as one of the Company’s director nominees in its proxy statement for the Company’s 2025 Annual Meeting of Stockholders (the “2025 Annual Meeting”).
The Board has also resolved to recommend that stockholders vote in favor of all Company director nominees, including Mr. Feld, at the 2025 Annual Meeting.
Given the Company’s intention to nominate Mr. Feld, Starboard has agreed to rescind its nomination notice.
Bob Bruggeworth, President and CEO of Qorvo, said, “Peter shares our goal of driving value for Qorvo shareholders and will bring additional technology industry knowledge and complementary perspectives, adding to our very qualified and experienced Board.”
“We invested in Qorvo because of the tremendous potential we see in the Company’s strong product portfolio and leading industry position, which provide the foundation for Qorvo to drive continued improvement in growth, profitability, and value creation,” said Peter Feld, Managing Member of Starboard Value LP. “I am pleased to be nominated to the Board and look forward to working collaboratively with my fellow directors and the management team to help Qorvo capitalize on opportunities to drive long-term shareholder value.”
About Peter A. Feld
Peter A. Feld is a Managing Member, Portfolio Manager and Head of Research of Starboard Value LP since April 2011 and has significant expertise serving as a shareholder representative on numerous technology company boards that have created substantial value for shareholders. Mr. Feld has substantial experience in corporate finance, best-in-class corporate governance, and a deep understanding of capital markets. Prior to founding Starboard in 2011, Mr. Feld was a Managing Director and Head of Research at Ramius LLC for funds that comprised the Value and Opportunity investment platform. Prior to joining Ramius in February 2005, Mr. Feld was an analyst in the Technology Investment Banking group at Banc of America Securities LLC. Previously, he served as a member of the boards of directors of Gen Digital Inc., a global leader dedicated to powering Digital Freedom through its family of consumer brands, from September 2018 to May 2025; Green Dot Corporation, a financial technology company, from March 2022 to October 2023; GCP Applied Technologies, Inc., a technology company, from June 2020 until it was acquired by Compagnie de Saint-Gobain S.A. in September 2022; Magellan Health, Inc., a healthcare company, from March 2019 until it was acquired by Centene Corporation in January 2022; AECOM, a multinational infrastructure firm, from November 2019 to June 2020; Marvell Technology Group Ltd., a storage, networking and connectivity semiconductor solutions company, from May 2016 to June 2018; The Brink's Company, a global leader in security-related services, from January 2016 to November 2017; Insperity, Inc., an industry-leading HR services provider, from March 2015 to June 2017; Darden Restaurants, Inc., a full-service restaurant company, from October 2014 to September 2015; Tessera Technologies, Inc. (n/k/a Xperi Corporation), a leading product and technology licensing company, from June 2013 to April 2014; and Integrated Device Technology, Inc., a company that designed, developed, manufactured and marketed a range of semiconductor solutions for the advanced communications, computing and consumer industries, from June 2012 to February 2014. Mr. Feld received a B.A. degree in Economics from Tufts University.
About Qorvo
Qorvo (Nasdaq:QRVO) supplies innovative semiconductor solutions that make a better world possible. We combine product and technology leadership, systems-level expertise and global manufacturing scale to quickly solve our customers’ most complex technical challenges. Qorvo serves diverse high-growth segments of large global markets, including automotive, consumer, defense & aerospace, industrial & enterprise, infrastructure and mobile. Visit www.qorvo.com to learn how our diverse and innovative team is helping connect, protect and power our planet.
Qorvo is a registered trademark of Qorvo, Inc. in the U.S. and in other countries. All other trademarks are the property of their respective owners.
About Starboard Value LP
Starboard Value LP is an investment adviser with a focused and fundamental approach to investing in publicly traded companies. Starboard seeks to invest in deeply undervalued companies and actively engage with management teams and boards of directors to identify and execute on opportunities to unlock value for the benefit of all shareholders.
Forward Looking Statements
This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions, and are not historical facts and typically are identified by terms such as "may," "will," "should," "could," "expect," "plan," "anticipate," "believe," "estimate," "forecast," "predict," "potential," "continue" and similar words, although some forward-looking statements are expressed differently. You should be aware that the forward-looking statements included herein represent management's current judgment and expectations as of the date the statement is first made, but our actual results, events and performance could differ materially from those expressed or implied by forward-looking statements. We caution you not to place undue reliance upon any such forward-looking statements. We do not intend to update any of these forward-looking statements or publicly announce the results of any revisions to these forward-looking statements, other than as is required under U.S. federal securities laws. Our business is subject to numerous risks and uncertainties, including those relating to fluctuations in our operating results on a quarterly and annual basis; our substantial dependence on developing new products and achieving design wins; our dependence on several large customers for a substantial portion of our revenue; a loss of revenue if defense and aerospace contracts are canceled or delayed; our dependence on third parties; risks related to sales through distributors; risks associated with the operation of our manufacturing facilities; business disruptions; poor manufacturing yields; increased inventory risks and costs, due to timing of customers' forecasts; our inability to effectively manage or maintain relationships with chipset suppliers; our ability to continue to innovate in a very competitive industry; underutilization of manufacturing facilities; unfavorable changes in interest rates, pricing of certain precious metals, utility rates and foreign currency exchange rates; our acquisitions, divestitures and other strategic investments failing to achieve financial or strategic objectives; our ability to attract, retain and motivate key employees; warranty claims, product recalls and product liability; changes in our effective tax rate; enactment of international or domestic tax legislation, or changes in regulatory guidance; changes in the favorable tax status of certain of our subsidiaries; risks associated with social, environmental, health and safety regulations, and climate change; risks from international sales and operations; economic regulation in China; changes in government trade policies, including imposition of tariffs and export restrictions; we may not be able to generate sufficient cash to service all of our debt; restrictions imposed by the agreements governing our debt; our reliance on our intellectual property portfolio; claims of infringement of third-party intellectual property rights; security breaches, failed system upgrades or regular maintenance and other similar disruptions to our IT systems; theft, loss or misuse of personal data by or about our employees, customers or third parties; provisions in our governing documents and Delaware law may discourage takeovers and business combinations that our stockholders might consider to be in their best interests; and volatility in the price of our common stock. These and other risks and uncertainties, which are described in more detail under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended March 30, 2024, and Qorvo’s subsequent reports and statements that we file with the SEC, could cause actual results and developments to be materially different from those expressed or implied by any of these forward-looking statements.
At Qorvo®
Doug DeLieto
VP, Investor Relations
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FAQ
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