(Reuters) – Starboard LP plans to take control of the board of agricultural company Corteva Inc and replace CEO Jim Collins, the Wall Street Journal reported late Wednesday, citing people familiar with the case. . air.wsj.com/35ZmERY
The active investor has privately named eight directors on Corteva’s 12-person board, the Journal said, noting that Starboard aims to outperform Collins over ‘mediocre performance’.
Starboard and Corteva did not immediately respond to Reuters requests for comments outside of regular business hours.
The venture investor, which had around 1.6% as of October 2020 in Corteva, has been in on-and-off talks with the company since the fall and named board members before the deadline for doing so at the end of December, the newspaper said citing the sources.
Corteva is worth $ 32.53 billion, according to Refinitiv Eikon data.
In November, Reuters reported that the Corteva board had backed Collins after Starboard raised issues about the company’s governance.
Reporting by Anirudh Saligrama in Bengaluru; Edited by Shailesh Kuber