Starboard hedge fund launches proxy fight to remove entire Yahoo board

Starboard Value LP has launched a proxy fight in which it seeks to replace Yahoo Inc.’s entire board of directors, stepping up a battle for the future of the company. The Wall Street Journal reported the move Wednesday night after it reviewed an advance copy of the letter that was posted this morning from the hedge fund accusing the board and management of failing to live up to their promises. Starboard wrote, “We have been extremely disappointed with Yahoo’s dismal financial performance, poor…