© Reuters.
By Svea Herbst-Bayliss
(Reuters) – Activist hedge fund Staboard Value has built up a stake in Alight and nominated four people to the U.S. benefits services provider's board of directors in an effort to bring about change, people familiar with the matter said on Wednesday.
Starboard has nominated three independent candidates and one of its own executives as candidates, the sources said.
Starboard's exact plan for Alight could not be learned. Earlier on Wednesday, Alight revealed fourth-quarter earnings and 2024 forecasts that missed analyst expectations, and also announced that it had hired financial advisors to conduct “a strategic portfolio review.”
The sources requested anonymity because Starboard has not yet made its position on Alight public. Spokespeople for Starboard and Alight were not immediately available for comment.