NEW YORK (AP) — Yahoo said Wednesday that it reached an agreement with activist investor Starboard Value to add four new members to its board, including the CEO of Starboard.
Starboard, which has a less than 1 percent stake in Yahoo, has been pushing the troubled Internet company to shake up its board.
As part of the agreement, Yahoo has withdrawn its nominees for the board and two current members will not stand for re-election at the company's annual meeting in June. After the June meeting, the board will have a total of 11 members.
The four new board members are Starboard CEO Jeffrey Smith, former CEO of media companies Tribune Co. and DirecTV Eddy Hartenstein, former Deutsche Bank executive Tor Braham and Richard Hill, chairman of technology company Tessera Technologies Inc.
Shares of Yahoo Inc., based in Sunnyvale, California, fell 36 cents, or 1 percent, to $36.75 in morning trading Wednesday.