Starboard Presses Flowserve to Boost Results in Letter to Board

Starboard Value is questioning Flowserve Corp. management team’s execution and urging its board to press for changes after the hedge fund found the industrial equipment maker’s first-quarter results disappointing.

The activist investor made its views known in a letter to Flowserve’s board that was reviewed by Bloomberg News.

“We hope that management can deliver on this remarkable opportunity, but it is the board’s responsibility to ensure Flowserve has the right leadership in place to realize the value available to shareholders,” Starboard Chief Executive Officer Jeff Smith said in the letter dated Thursday.

Starboard believes the company has “a strong foundation ...