He also offered to help finance a deal to acquire Yahoo.
The deal had been in place for 15 years.
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Look back at over two decades of turmoil at a company that once sat atop the World Wed Web, and weep.
Verizon's been interested in Yahoo since December.
Yahoo launched an auction of its core business in February after it shelved plans to spin off its stake in Chinese ecommerce giant Alibaba.
Bidders were asked details about financing, conditions or approvals the company would need to meet, according to The Wall Street Journal.
Yahoo launched an auction of its core business in February.
Starboard, which owns an estimated 1.7 percent of Yahoo, said it would nominate nine candidates as possible replacements.
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Yahoo said earlier in the month it took a $230 million impairment charge related to Tumblr and was considering strategic alternatives for its core internet business.
The move comes two days after Bloomberg reported activist investor Starboard Value LP was taking initial steps toward a potential proxy fight with Yahoo.
The layoffs take effect April 11 and affected employees received 60-day advance notice of the move
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