Major Yahoo shareholder calls for new board

A top shareholder of Yahoo Inc. (YHOO-Q) demanded the company overhaul its board, saying its directors had made "serious misjudgments" and "destroyed value" for stockholders.

The shareholder, Third Point LLC, which has about $8 billion US under management, said in a letter to Yahoo that a "reconstituted board with new directors who will bring fresh eyes, relevant industry expertise and increased investor alignment to the table is immediately necessary."

Third Point said it had held discussions with a number of potential replacements for current directors.

Yahoo CEO Carol Bartz was fired two days ago.

Third Point owns about 5 percent of Yahoo shares, according to a filing with securities regulators.