(Reuters) - Cloud service provider Box Inc (N:BOX) said on Monday it would appoint three new directors to its board as part of an agreement with activist investor Starboard Value LP.
Starboard is currently the third-largest shareholder in Box with a 7.7% stake, following Vanguard Group and BlackRock (NYSE:BLK), according to data from Refinitiv.
While Jack Lazar, former chief financial officer of GoPro (O:GPRO), will join Box's board immediately, a second director will be selected from a list of candidates provided by Starboard, the company said in a statement.
The company's board will choose a third director ahead of its annual meeting of stockholders in June, it added.
Two of Box's current board members, including Chief Financial Officer Dylan Smith, will not stand for re-election, while one board member will retire, Box said.
Starboard first revealed a stake in Box in September and said it might talk to the company about exploring a sale, as well as on operational improvements.
Box has also formed a committee to work with its management to suggest ways to improve growth and margin.
"We see a number of opportunities for substantial shareholder value creation ...," Starboard's managing partner, Peter Feld, said.