April 27--Yahoo Inc. has come to an agreement with activist investor Starboard Value and will add four new directors to its board, the struggling tech company said Wednesday.
The announcement ends a proxy fight that began last month when Starboard said it would nominate nine directors to Yahoo's board. If it had been successful, the move probably would have ended Chief Executive Marissa Mayer's tenure. She has been trying to turn around the Sunnyvale, Calif., company.
As part of the agreement, Starboard has withdrawn its director nominees for Yahoo's board.
The four new directors are Tor Braham, former head of technology mergers and acquisitions for Deutsche Bank Securities; Eddy Hartenstein, former publisher of the Los Angeles Times and board director of the paper's owner, Tribune Publishing Co.; Richard Hill, chairman and former interim CEO of semiconductor company Tessera Technologies; and Jeffrey Smith, Starboard CEO.
Braham, Hartenstein and Smith were among Starboard's nominees.
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