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Industrial technology company Trimble said Tuesday it would buy back up to $800 million worth of stock and add two directors to its board of directors, just weeks after activist investor Jana Partners disclosed its stock.
Ron Narsesian and Carla Sprague will join Trimble’s board of directors starting in February, the company announced in a release. Mr. Sprague is the owner of Nginx and is the executive vice president of F5. Mr. Nersesian is chairman and former CEO of Keysight, an equipment and software company.
“We are thrilled to welcome Kara and Ron to our board of directors,” Trimble CEO Rob Painter said in a release.
Kevin Galligan, a partner at Jana, said the company was “pleased” with the additions to its board of directors and the expansion of its stock repurchase program.
Jana Partners announced its investment in Trimble at Bloomberg’s Activism Forum in December. Galligan said at the time that he encouraged Trimble to improve margins and focus on organic growth. Galligan also said industry concerns about growing recurring revenue through software and technology could lead to an acquisition of Trimble.
According to 13D Monitor, the activist investor has previously disclosed positions in Fidelity National Information Services, Macy’s, New Relic, Qualcomm and Zendesk. Jana says it relies on a network of industry experts to identify targets, develop strategies and contribute to target boards.
The stock price rose as much as 1.5% on the news. Trimble stock has risen more than 7% since Jana first went public.
“We look forward to helping Rob and the company execute on their value-enhancing strategies,” said Mr. Galligan.
Jana did not immediately respond to CNBC’s request for additional comment.
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