Starboard Value has withdrawn its notice of intent to nominate three directors at U.S. tech company LivePerson’s upcoming annual meeting.
Starboard’s decision to withdraw the contest was announced in an August 8 press release from LivePerson which also highlighted its second quarter results.
“On July 24, 2023, Starboard Value and Opportunity Master Fund Ltd withdrew its previously submitted notice of intent to nominate three persons for election to the company’s board of directors at the 2023 annual meeting.”
Jeff Smith’s activist fund had nominated its director slate on May 5 arguing the conversational AI platform needed new management, a refreshed board and a strategy to unlock shareholder value. The move came less than a year after it reached a settlement with LivePerson that saw the company appoint three directors, one chosen by Starboard.
In a separate August 8 press release, LivePerson announced that its chief financial officer, John Collins, had been appointed as interim CEO. He will take over the reins from Robert LoCascio who announced his departure last month, a couple of months after Starboard accused him of poor leadership.
LivePerson reported total revenue of $97.5 million for the second quarter, above the midpoint of its guidance range and a decrease of 26.4% as compared to the same period last year. The company said it “continues to execute on its plan to exit lower-margin and non-core lines of business.”
LivePerson shares had risen by over 10% in after-hours trading on August 8, at $4.40 per share.