Yahoo Adds Starboard CEO, Deutsche Bank's Tech M&A Chief To Its Board

Yahoo Inc.'s stock surged 2% in premarket trade Wednesday, after the Internet company said it reached agreement with activist investor Starboard Value LP, in which it will add four new independent directors to its board. One of the new board members is Starboard Chief Executive Jeffrey Smith, and another is Deutsche Bank's global head of technology mergers and acquisitions, Tor Braham. "The additional board members will bring valuable experience and perspectives to Yahoo during this important time for our company," said Yahoo Chairman Maynard Webb. Yahoo's move may bolster the wishes of investors who have been pushing the company to sell its core Internet business. The stock has run up 12% year to date through Tuesday, while the S&P 500 has gained 2.3%.