Hedge fund wants to remove Yahoo board

Activist hedge fund Starboard Value, an investor in Yahoo, is seeking to remove the entire board of the struggling Internet company.

The hedge fund, which owns 1.7 percent of Yahoo, is proposed to nominate nine new members to the board.

"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," Starboard wrote in a letter to Yahoo shareholders.

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