Yahoo Reaches Deal With Starboard, Four New Independent Directors Join Board

(RTTNews) - Online giant Yahoo! Inc. (YHOO) announced Wednesday that it has reached an agreement with Starboard Value LP and its affiliates under which four new independent directors, will join the Board.

Tor Braham, Eddy Hartenstein, Richard Hill, and Jeffrey Smith, Starboard's CEO and Chief Investment Officer, will join the board, effective immediately.

Smith will also join the Strategic Review Committee. Additionally, Starboard has withdrawn its director nominees for Yahoo's board as part of the agreement.

At the Annual Meeting, two incumbent directors will not stand for re-election, so that following the Annual Meeting the board will have 11 members.

Marissa Mayer, CEO of Yahoo, said, "This constructive resolution will allow management and the board to keep our focus on our extremely important objectives. Management is looking forward to working with the entire board, including the new directors, to maximize shareholder value."