Starboard has nominated three independent candidates and one of its own executives as directors, the sources said.

Starboard's exact plan for Alight could not be learned. Earlier on Wednesday, Alight disclosed fourth-quarter earnings and 2024 forecasts that missed analysts' expectations, and also announced it had hired financial advisers to carry out "a strategic portfolio review."

The sources requested anonymity because Starboard has yet gone public with its position in Alight. Spokespeople for Starboard and Alight were not immediately available for comment.

Alight shares ended trading on Wednesday down 3% at $9.29, giving the company a market value of about $5 billion.

Alight helps business, including many Fortune 500 companies, manage health benefits for employees and offers payroll solutions.

Previously owned by private equity firm Blackstone, Alight listed in the stock market three years ago by merging with a blank-check acquisition vehicle backed by financial technology investor Bill Foley in a $7.3 billion deal.

(Reporting by Svea Herbst-Bayliss in New YorkEditing by Greg Roumeliotis and Marguerita Choy)

By Svea Herbst-Bayliss