Starboard wants to remove Yahoo's board: WSJ

Activist hedge fund Starboard Value wants to remove the entire board of troubled web portal Yahoo, according to the Wall Street Journal (WSJ).

On Thursday morning Eastern Time, the firm is expected to announce that it will nominate nine directors to the board, the WSJ said, citing a letter by Starboard. Yahoo currently has nine board members, including CEO Marissa Mayer, after recently appointing two independent directors earlier this month.

The letter reviewed by the WSJ said Yahoo management failed to deliver on earlier reform promises and that the board was unfit to decide whether Yahoo should remain an independent company.

The reported letter delivered on a threat Starboard made earlier this year. In January, Starboard warned it would make significant changes to the board if Yahoo continued making "decisions that destroy shareholder value."

Yahoo has been in the spotlight in recent months amid halting efforts to restructure its business, especially after it called off plans to spin off its ownership stake in Alibaba. Now, Yahoo is reportedly considering selling its Yahoo Japan stake alongside its web operations.

Starboard has long recommended the firm to consider a sale of Yahoo's core search and display advertising business instead, leaving its ownership stakes in Alibaba and Yahoo Japan in the existing corporate entity.

Yahoo said it had no comment while Starboard didn't return a call made after office hours.

Read the full WSJ story here.

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