(Reuters) Activist hedge fund Starboard Value LP said on Tuesday four of its nominees to Newell Brands Inc’s board withdrew, a day after the consumer products maker handed board seats to billionaire investor Carl Icahn.Starboard, the $8 billion hedge fund run by Jeffrey Smith, lined up three former Newell board members and others to run for board seats with the aim of pushing Newell management to improve operations and sell assets. The fund wanted to replace 12 directors, including Chief Executive Officer Michael Polk, arguing that the maker of Sharpie markers, Rubbermaid containers and Elmer’s glue had underperformed its peers and mismanaged a 2016 acquisition of Jarden Corp.
Starboard Nominees to Newell Board Withdraw after Icahn Move
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