Starboard Takes 9.3% Stake in Rogers Corp, Seeks Strategic Changes

Activist hedge fund Starboard Value has acquired a 9.3% stake in Rogers Corporation, an advanced materials company serving electric vehicles, radar systems, and other industrial sectors, signaling a renewed effort to drive operational and strategic changes. Rogers' stock surged over 10% in after-hours trading following the disclosure, although it remains down more than 30% year-to-date amid slowing demand in its end markets. Starboard previously engaged with Rogers in 2023, securing two independent board seats after pushing for governance improvements, but had reduced its stake to about 1% by early 2025 before rebuilding its position in the second quarter. The activist investor is now actively negotiating with Rogers' management and board to explore further value creation opportunities, which may include margin improvements, cost reductions, and strategic reviews, especially following the recent resignation of CEO Colin Gouveia. Despite recent mixed quarterly financial results for Rogers, Starboard's involvement reflects confidence in unlocking shareholder value at the $1.28 billion market cap company. Details of Starboard's specific proposals have not been disclosed, but their history suggests a focus on enhancing capital allocation and operational efficiency.