Activist hedge fund Starboard Value LP said today it is launching a bid to reshuffle the entire Yahoo board, saying the struggling Internet firm's management team has "failed to deliver results."
"We believe that Yahoo is deeply undervalued and opportunities exist within the control of management and the board of directors to unlock significant value for the benefit of all shareholders," Starboard said in an open letter to Yahoo shareholders.
"We have been extremely disappointed with Yahoo's dismal financial performance, poor management execution, egregious compensation and hiring practices, and general lack of accountability and oversight by the board.
"We believe the board clearly lacks the leadership, objectivity, and perspective needed to make decisions that are in the best interests of shareholders.
