Activist investment firm Starboard Value LP has amassed a sizable stake in Rogers Corp and is seeking seats on the electronics materials company's board in its push for changes, people familiar with the matter said on Friday.
Rogers, which was founded in 1832, makes materials that are used in electronics and wireless infrastructure.
Its stock price tumbled after the DuPont deal was scrapped and is down 47% over the last 52 weeks. Since the start of 2023, the stock has climbed 22% as the broader market moved higher, giving Rogers a market value of $2.8 billion. The company has made changes since the DuPont deal fell apart. Colin Gouveia, who ran Rogers' elastomeric material solutions unit, became CEO this year. Former chief executive, Bruce Hoechner, who retired at the end of last year, will step down from the board at the end of March, according to the company's website.
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