A large shareholder at Yelp says it’s lost patience with the review site and wants to see the company board reshuffled.
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.
SQN says it owns more than 4 percent of Yelp’s shares. It says it believes “the board has failed to hold itself and management accountable for the company’s strategic and operational missteps, repeated missed earnings, lost opportunities and poor corporate governance.”
Yelp says it’s committed to keeping an open dialogue with SQN. The company maintained that it’s committed to acting in the best interest of its shareholders, customers and workers.
Its shares have fallen almost 10 percent over the past year.