Jeff Smith's hedge fund is nominating a new board.
Activist hedge fund Starboard Value LP, an investor in Yahoo yhoo , said it was seeking to remove the entire board of the struggling Internet company.
Starboard, which has been pushing for changes at Yahoo since 2014, said it would nominate nine members to the Yahoo board.”It is unfortunate that this action is necessary,” Starboard said in a letter to Yahoo shareholders on Thursday.
“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.”
However, the hedge fund which owns about 1.7 percent of Yahoo, said it remained open to discussions with Yahoo and was hopeful it could reach an agreement to get involved with the company.Yahoo’s shares were up 0.7 percent at $35.03 in premarket trading.
Here’s the entire letter: