12:22 PM EDT, 08/06/2024 (MT Newswires) -- (Updates with Autodesk's ( ADSK ) comment in fifth and sixth paragraphs)

Autodesk's ( ADSK ) board must assess whether Chief Executive Andrew Anagnost should to continue to lead the company, shareholder Starboard Value said Tuesday, reiterating its concerns over the stock's underperformance.

Exploring a CEO change is among several "value-enhancing opportunities" that Autodesk's ( ADSK ) board must immediately focus on amid the software company's "disappointing" performance, according to Starboard. The activist investor previously said it owns more than $500 million worth of Autodesk ( ADSK ) stock.

In a detailed presentation, Starboard also sought cost structure right-sizing, budgeting discipline improvement, and an overhaul of compensation practices by Autodesk ( ADSK ).

"Since Mr. Anagnost's appointment as permanent CEO in June 2017, Autodesk ( ADSK ) has faced myriad issues, which

have driven massive underperformance," Starboard said.

Autodesk ( ADSK ) said it had conversations with Starboard over the past two months as it welcomes feedback from all its shareholders and remains focused on delivering "substantial" shareholder value.

"Autodesk ( ADSK ) is taking decisive actions to drive growth, enhance margins and deliver strong free cash flow, and our business has momentum as evidenced by our strong first quarter results," a company spokesperson told MT Newswires.

Shares of Autodesk ( ADSK ) were up 3.5% in recent trading.

Price: 233.88, Change: +8.16, Percent Change: +3.62