On January 6, 2016, Starboard Value LP announced that it has delivered a letter to Yahoo! Inc.'s board of directors. In the letter, Starboard Value stated that changes in management, changes in Board composition, and changes in strategy and execution are desperately needed.

Further, Starboard Value added that if the Board is unwilling to accept the need for significant change, then an election contest may very well be needed so that shareholders can replace a majority of the Board with directors who will represent their best interests and approach the situation with an open mind and a fresh perspective.