” We believe Yahoo is deeply undervalued “and its management and board have not provided” significant values for the benefit of all shareholders, “Starboard said in an open letter to shareholders of the firm.
“We are extremely disappointed with the dismal financial performance of Yahoo, its poor management, their outrageous compensation and hiring, and the general lack of control and accountability by the board,” said the letter.
“We believe that the board lacks leadership, objectivity and perspective necessary to make decisions that are in the best interest of shareholders,” he added.
a replacement board would open the way for a sale or merger of Yahoo, whose problems have deepened despite a restructuring plan led by CEO Marissa Mayer.
although Yahoo is one of the best known names internet and has nearly billion users, fell behind Google and suffers a steady loss of online advertising.
in February, Yahoo reported a cut of 15% of its workforce and said it would focus on finding “alternative strategies”.
the announcement, which came together with the report of significant quarterly losses, offered the first sign that the California company could be open to a sale or merger after years of struggle to regain its former glory.
Yahoo reported losses 4 000 430 million in the last quarter of 2015, mainly due to the loss of value of their units in the US, Canada, Europe, Latin Amercia and Tumblr. Revenue rose marginally in a year to one thousand 270 million dollars.
Yahoo said at the time it launched “an aggressive strategic plan to simplify the company, focusing on areas of strength to better enhance their growth.”
At the same time, said he was seeking “additional alternative strategies” suggesting the search for an agreement to sell or merge.
But shareholders have been impatient.
Starboard said in a previous letter this year that investors seem to have “lost all confidence in the management and the board” of the company after his failure to reverse the situation.
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