Starboard Value Reaches Agreement with Advance Auto Parts for Board Representation
The Wall Street Journal, Barron’s and The Street, among others, reported on a settlement agreement reached between Olshan client Starboard Value LP and Advance Auto Parts. Under the agreement, Advance Auto Parts agreed to appoint Jeffrey Smith, Starboard’s CEO and Chief Investment Officer, to the Board of Directors. In addition, Starboard has designated Eugene Lee, President and CEO of Darden Restaurants, to the Advance Auto Parts Board, and has the right to appoint an additional director to the Board. The Company will also name two additional independent directors for election to the Board. Starboard is represented by Olshan partners Steve Wolosky and Andrew Freedman and associate Meagan Reda.