Saying it's lost patience with missteps and earnings shortfalls, a large shareholder at Yelp is seeking a board reshuffle at the online review site. In a letter released publicly Monday, SQN Investors said that it wants Yelp Inc. to add some new directors to its board, including shareholder representatives. Yelp defended its board, saying Monday that its directors are "active, open-minded and engaged." In calling for changes to Yelp's board, SQN said that the average tenure of a Yelp director is more than nine years, with only one new member joining the board since May 2012. "Yelp's board is not functioning effectively and is stale," SQN wrote.

Source: ABC News December 10, 2018 13:02 UTC