Starboard Value CEO Jeffrey Smith says he is optimistic over his firm's investment in Newell Brands.
"We do believe that there is incredible value at Newell. It's a company with iconic brands. It's brands that we all heard of [such as] Elmer's glue, Sharpie, Paper Mate," he said in an interview with David Faber on CNBC's "Squawk on the Street" Tuesday. "It's a great company [with] great employees. Unfortunately, it's lost its way."
Smith revealed in a filing last week his hedge fund is seeking four board seats at Newell Brands, potentially putting the firm at odds with Carl Icahn, who received control over multiple board seats in an agreement with the company last month.