Starboard Value LP on Thursday called for the dismissal of the board of Yahoo Inc, including its CEO, Marissa Mayer, who has failed to refloat the company after nearly four years in office.
the financial investor, which presses for two years for changes in Yahoo and has about 1.7 percent of the company, said he would propose nine candidates for the board of the company.
the fight occurs at a time when Yahoo took the first steps to start managing a possible sale of parts of its ailing internet business.
Yahoo is has been forced to contend with Google, Alphabet Inc., and Facebook for the advertising business on the Internet.
“it is unfortunate that this action is necessary,” Starboard said in a letter to shareholders of Yahoo.
“We have been extremely disappointed with the dismal financial performance of Yahoo,” Starboard said to also denounce the high salaries of managers and lack of oversight by the board.
However, Starboard said it remained open to talks with Yahoo and still hopes to reach an agreement to get more involved with the company.
Yahoo shares, which have fallen 22 percent the last 12 months, fell a marginal 0.04 percent at 1520 GMT.
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