Autodesk (ADSK) shareholder Starboard Value said in an open letter Wednesday it plans to nominate directors at the company's annual meeting as it accused the company of underperformance and inadequate board oversight.

Starboard, a hedge fund with an ownership stake in the company of more than $500 million, said in the letter that Autodesk has a "long history of financial and operational underperformance" and that its share price has "meaningfully" underperformed in the long term, citing subpar profitability and missed Investor Day targets.

Due to the company board's "unwillingness to hold management accountable," the hedge fund said it believes a board change is necessary and that it plans to nominate a minority slate of director candidates at the company's annual meeting on June 18.

Starboard said it remains open to engaging with Autodesk.

Autodesk did not immediately reply to a request for comment from MT Newswires.

ADSK shares were 2% higher in recent premarket activity.