Sachem Head's Activism at Autodesk
Synopsis
In 2015, activist hedge fund Sachem Head Capital, led by founder Scott Ferguson, launched an activist campaign at (computer aided design) CAD software maker Autodesk. The activist campaign, waged mainly in private, was over Autodesk's lacklustre financial performance, with Ferguson thinking that Autodesk's performance could improve with better cost management. Facing a proxy contest, Autodesk added Ferguson and two others to its board in exchange for a standstill agreement. Following two years of significantly improved performance, Ferguson eventually stepped down when longtime Autodesk CEO Carl Bass announced his retirement in February 2017. The case illustrates how even companies with stellar products can underperform and how benchmarking and financial analysis can help identify drivers of firm performance. The case describes how boards and investors can engage to improve governance and ultimately achieve sustainable performance objectives.
- Copyright:
- 2018 President and Fellows of Harvard College
Book Details
- Book Quality:
- ISBN-13:
- Publisher:
- Harvard Business School Publishing
- Date of Addition:
- 2018-12-18T16:48:39Z
- Language:
- English
- Categories:
- Usage Restrictions:
- This is a copyrighted book.