NEW YORK (AP) – Yahoo’s stock is up before the opening bell on a report that an activist shareholder will launch a campaign to replace its entire board.
The Wall Street Journal is reporting that Starboard Value LP will nominate nine people to Yahoo’s board Thursday.
Tension between Starboard and the faded Internet company has been escalating. Yahoo named two new directors earlier this month, a maneuver that likely agitated Starboard. The investor has suggested a major change in leadership is needed, and that could include CEO Marissa Mayer who has cut staff and jettisoned assets in a bid to turn Yahoo around.
The deadline to make nominations to the board is Saturday.
Yahoo Inc. did not immediately respond to a request for comment. The company’s shares are up more than a percent.