On January 8, 2018, Starboard Value LP announced that it has delivered a letter to Eyal Waldman, Mellanox Technologies, Ltd.'s President and Chief Executive Officer, and the Company’s Board of Directors. In the letter, Starboard Value stated that it has highlighted the history of poor financial, operational, and stock price performance. Starboard Value expressed its view that the Company’s recently announced 2018 targets are insufficient and too heavily reliant on revenue growth. Starboard Value also expressed that the Company has industry-leading technology and an opportunity to deliver best-in-class financial results. In addition, Starboard Value stated that it is appreciative of constructive dialogue to date but expects substantial change is needed to drive improved results.