Yahoo shareholder says board should be fired over 'atrocious' financial handling

Starboard Value criticized the struggling tech company for mismanagement and poor performance Thursday, and set out plans to replace executive board

Yahoo's entire board should be axed, activist investors at hedge fund Starboard Value said on Thursday, setting out plans to replace them with their own picks, including Starboard managing partner Jeffrey C Smith.

"[W]e 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," wrote Smith in a letter to fellow shareholders. "We believe the board clearly lacks the leadership, objectivity, and perspective needed to make decisions that are in the best interests of shareholders."