Hedge fund investor Starboard Value threatened to wage a board battle against Yahoo Wednesday unless "significant change" is made, including a new CEO.
"It appears that investors have lost all confidence in management and the board," Starboard CEO, Jeffrey C. Smith told Yahoo in a letter released publicly Wednesday morning.
"To be successful, dramatically different thinking is required, together with significant changes across all aspects of the business starting at the board level, and including executive leadership," Starboard said in the letter.
Starboard's letter is just the latest warning shot to Yahoo's board and CEO Marissa Mayer, whose efforts to boost the company's financial performance through new technology and acquisitions have sputtered.