Activist Firm to Replace Yahoo’s (YHOO) Entire Board : Report

According to a Thursday WSJ report that references a letter prepared by Starboard Value LP, the activist investor will announce that it is seeking to replace Yahoo’s (YHOO) entire board with its own slate of directors.

“The board and management have continually failed to live up to their own promises and shouldn’t be trusted with the decision on whether Yahoo should remain an independent company,” the Journal reported, citing the letter.

Starboard, obviously a harsh critic of the struggling Web Portal, will nominate nine directors to Yahoo’s board, the report said, adding that among the nominees are investment banker Tor Braham, technology executives Dale Fuller and Richard Hill, media executive Eddy Hartenstein and Starboard Chief Executive Officer Jeffrey Smith.

So far this morning, YHOO is indicated up 1% at $35.08.

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