On April 27, 2016, Yahoo! Inc. announced that it has reached an agreement with Starboard Value LP and its affiliates under which four new independent directors, Tor R. Braham, Eddy W. Hartenstein, Richard S. Hill, and Jeffrey C. Smith, Starboard's CEO and Chief Investment Officer, will join the board, effective immediately. The Company also announced that Jeff Smith will also join the Strategic Review Committee.

Additionally, Starboard has withdrawn its director nominees for Yahoo's board as part of the agreement.