© Reuters. Activist hedge fund Starboard Value builds a stake in Alight (ALIT) – Reuters
Starboard Value, an activist hedge fund led by Jeffrey Smith, has acquired a significant position in Alight (ALIT) and has proposed four nominees for the company’s board of directors to drive transformation, Reuters reported Wednesday.
The nominations from Starboard include three independent individuals and one executive from Starboard itself, the report says, though the specific strategy the hedge fund wants to implement remains unknown.
The move came on the same day that Alight reported fourth-quarter earnings and projections for 2024 that fell short of market predictions and revealed it had hired financial advisers to undertake “a strategic portfolio review.”
Alight’s shares rose 0.6% in after-hours trading.