In January 2017, Starboard bought an 11 percent stake in Mellanox. It sent a letter criticizing Waldman and his team for their disappointing performance over the prior five years. Mellanox's share price had fallen even though the semiconductor industry index had risen in value by 470 percent. Its operating margins were half of the average of its peer companies. "Mellanox has been one of the worst performing semiconductor companies for an extended period of time," read Starboard's letter. "The time for fringe changes and marginal improvements has long passed."
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