Yahoo investor seeks to replace firm’s entire board

Yahoo investor Starboard Value has nominated nine directors to replace the entire board at the struggling web portal, which it contends has been mismanaged under CEO Marissa Mayer.

Starboard, a long-time critic of the company and an activist shareholder with a 1.7% stake, nominated its chief executive, Jeffrey Smith, among others for election at Yahoo’s annual meeting later this year, according to a letter to shareholders.

With little progress to show for her revival efforts after more than three years, investors are losing patience with Ms Mayer, who has presided over sluggish sales growth and failed to separate Yahoo’s main web business from its multibillion-dollar stake in Alibaba Group.