Press release
Autodesk Comments on Letter from Starboard
SAN FRANCISCO, June 17, 2024 /PRNewswire/ -- Autodesk, Inc. (NASDAQ: ADSK) today issued the following statement in response to a letter from Starboard Value
About this update from Autodesk, Inc.
[{"type":"text","content":"SAN FRANCISCO, June 17, 2024 /PRNewswire/ -- Autodesk, Inc. (NASDAQ: ADSK) today issued the following statement in response to a letter from Starboard Value LP to its shareholders:\n\n \n \n \n \n \n \n\n \nAutodesk's Board of Directors maintains an open dialogue with our shareholders and welcomes input on our business, including from Starboard, with whom we have sought to engage constructively since they first reached out in early June. The Autodesk Board and management team regularly evaluate opportunities to enhance long-term value and will carefully review Starboard's letter.\nConsistent with market practice, Autodesk's bylaws include a customary period, in advance of each year's annual meeting, during which all shareholders have the opportunity to submit proposals and make director nominations. That period closed on March 23, 2024, and Autodesk did not receive any proposals or director nominations. Starboard is seeking to leverage a now-completed internal investigation that resulted in no financial restatement as a pretext for re-opening the advance notice period. Autodesk's Board considered the request from Starboard and determined that re-opening the advance notice period would not be in the best interests of Autodesk or its shareholders. Autodesk is confident in this decision and the process followed by the Board, and is looking forward to holding the annual meeting as scheduled on July 16, 2024.\nAutodesk has a clear strategy that is working. We are providing our customers with ever more valuable and connected solutions through our investments in cloud, platform, and AI. We are modernizing our go-to-market approach to create more durable and direct relationships with our customers and to serve them more efficiently. And we are transforming our platform to enable greater engineering velocity and efficiency to support a much broader customer and developer ecosystem and marketplace. We are deploying capital with discipline to support these initiatives and to maximize shareholder returns over the long term. We are confident that the improvements to our capabilities and data will drive even greater operational velocity and efficiency within Autodesk and deliver sustainable shareholder value over many years.\nAutodesk recently reported a strong start to fiscal 2025, with revenues up 13% year-over-year at constant currency dri...