Yahoo announced Wednesday that it has reached an agreement with Starboard Value LP and its affiliates to appoint four independent directors to join the board of directors, effective immediately.
New board members include Tor R. Braham, Eddy W. Hartenstein, and Richard S. Hill, as well as Jeffrey C. Smith, Starboard's CEO and CIO. Smith also joins the Strategic Review Committee.
In addition, Starboard has withdrawn its director nominees for Yahoo's board as part of the agreement.
also reported at the annual meeting that two incumbent directors will not stand for re-election, so following the annual meeting, the board will have 11 members. The two directors who will not
stand for re-election include
Late last month, Starboard planned to start a proxy fight to nominate up to nine directors for Yahoo's board.
The investment firm said Yahoo's board and management had failed to live up to promises.