Chipmaker Marvell Names New Chairman Amid Pressure By Big Investor

May 2, 2016, 9:40 PM UTC
Folders and pens on meeting table
Photograph by Getty Images/Blend Images RM

(Reuters) – Chipmaker Marvell Technology has appointed Richard Hill its chairman, as part of an agreement it reached with activist hedge fund Starboard Value last week.

Marvell (MRVL) had reached an agreement with Starboard to add to its board three independent directors nominated by the hedge fund.

Hill, whose appointment came into effect on Sunday, is also among the four independent directors that Yahoo (YHOO) agreed to add to its board last week under pressure from Starboard.

He is also on the board of software maker Autodesk (ADSK).

For more about board changes, watch:

Starboard, which has been agitating for changes at Marvell since early this year, has a 6.5% stake in the chipmaker.

Peter Feld and Oleg Khaykin are the other two directors that Marvell added to its board.

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