Cramer: Yahoo could be a ‘home run’ if this happens

CNBC's Jim Cramer said Thursday investors should buy Yahoo's stock if Starboard Value is able to replace Marissa Meyer with Rick Hill as interim CEO.

Starboard on Thursday nominated Hill and eight others to Yahoo's board.

"We believe that Yahoo is deeply undervalued and opportunities exist within the control of management and the Board of Directors (the 'Board') to unlock significant value for the benefit of all shareholders," Starboard said in a letter to Yahoo shareholders.

Hill was chairman and CEO of chipmaker Novellus Systems until 2012, when the company was acquired by Lam Research Group for about $3.3 billion.

"Rick Hill is one of the greatest moneymakers I have ever seen in my lifetime. He created tremendous value from Novellus," Cramer said on "Squawk on the Street."

"If they win, and Rick Hill becomes the interim CEO, you could have one of the great home runs," Cramer said. "If Rick Hill is the CEO, I'm going to tell you to buy it."

Yahoo said it will review Starboard's proposal and "respond in due course."

Shares of Yahoo were down slightly on Thursday, and have fallen over 21 percent in the last 12 months.

Disclosure: Cramer's trust did not own Yahoo stock when this article was published.