(CNN. MONEY) Starboard Value, an activist investing firm that owns a stake in Yahoo, wrote a scathing letter Wednesday to Mayer, Yahoo chairman Maynard Webb and the rest of the company’s board.In the letter, Starboard Value managing member Jeffrey Smith said that Mayer, who has been CEO of Yahoo (YHOO, Tech30) since July 2012, has failed to turn around the company — and that it’s now time for new leadership at the top.”It appears that investors have lost all confidence in management and the Board,” Smith said.
Hedge fund is sick of Yahoo CEO Marissa Mayer
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