Box (D) Votes of Confidence

By Margot Sutherland, Shivin Agarwal, Alex Wu, Henry Lu, Mitesh Dhruv, Jeff Epstein
2025 | Case No. F321D | Length 6 pgs.
Finance

This case examines the challenges faced by Box, a cloud content management company, as it navigated an activist investor campaign by Starboard Value. In September 2019, Starboard took a significant stake in Box, pressuring its leadership to improve financial performance and explore strategic alternatives, including a potential sale of the company. Box’s management team, led by CEO Aaron Levie and CFO Dylan Smith, faced the challenge of responding to the activist campaign while maintaining the company’s long-term vision. The case describes the course of the activist campaign, including negotiations, a partnership with KKR, and a proxy battle. The case prompts students to analyze management decision-making in the face of activist pressure.

Also see: F321A: Box (A) Starboard Value Takes a Stake

F321B: Box (B) Shared Vision or Mission Impossible?

F321C: Box (C) KKR Invests

F321E: Box (E) Proxy Battle

Learning Objective

This case is designed to help students understand the dynamics of activist investor campaigns and their impact on corporate strategy, governance, and financial decision-making. Students will analyze how management teams navigate shareholder activism while balancing different stakeholders.
This material is available for download by current Stanford GSB students, faculty, and staff, as well as Stanford GSB alumni. For inquires, contact the Case Writing Office. Download

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