(Reuters) – Chipmaker Qorvo appointed industry veterans Richard Clemmer and Christopher Koopmans as independent directors to its board, it said on Monday, amid activist investor Starboard Value’s push to boost the company’s weak share price.
Shares of the company rose about 3% in premarket trading.
In January, Starboard revealed it had built a 7.7% stake in the Apple supplier.
Morgan Stanley analysts had said that the activist’s involvement could “inject some urgency” and unlock value for the chipmaker.
Qorvo is facing stiff competition and slowing orders for its smartphone chips as customers shift towards entry tier 5G devices, which impacted its revenue in the third quarter of fiscal 2025.
The company said the changes on its board were part of a “refreshment initiative” to identify candidates with industry and operating experience. The board’s size will now stand at nine, of which eight directors are independent.
Clemmer is a founding partner of Socratic Partners, a semiconductor-only venture fund, and also worked at NXP Semiconductors where he was the CEO and president. He currently serves of the board of HP
Koopmans currently serves as the chief operating officer at Marvell Technology. Over the course of his tenure at Marvell, he has held several senior positions.
Qorvo’s shares, which were down about 38% last year, closed 14.4% higher on January 17 after Starboard revealed its stake.
(Reporting by Harshita Mary Varghese in Bengaluru; Editing by Shailesh Kuber)
