Last week, activist investor group Starboard Value nominated nine board candidates for Yahoo. The nominations include Hill, who serves as chairman of Tessera Technologies (TSRA) and previously served as CEO of semiconductor company NovellusSystems.
"If Rick Hill gets on, then you're going to buy the stock," Cramer said. "Period."
Starboard also nominated Starboard CEO Jeffrey Smith and former SolarCity Corp. (SCTY) CFO Brad Buss to the company's board, according to a letter sent by the firm to shareholders last week.
Yahoo is reviewing Starboard's nominations and will "respond in due course," the company said in a statement last week.
Yahoo stock is up 1.32% to $36.80 in early afternoon trading on Wednesday.
Separately, recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rates this stock as a "hold" with a ratings score of C-. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow.
You can view the full analysis from the report here: YHOO