Jeff Smith, chief executive officer and chief investment officer of Starboard Value LP.
Chris Goodney | Bloomberg | Getty Images
Starboard Value hit an unexpected stumbling block in its activist campaign in AECOM when one of the hedge fund’s members quit the infrastructure company’s board of directors over the summer. Peter Feld quit the AECOM board in protest of CFO Troy Rudd’s promotion to chief executive officer in June.
That snag, however, has not dented Starboard’s overall return on its AECOM investment. Since taking a stake in the company, AECOM shares are up more than 40%, easily outperforming the broader