Starboard's nominations for Yahoo!'s board should be taken seriously because the slate includes tech executive Rick Hill, TheStreet's Jim Cramer said.

NEW YORK (TheStreet) -- Yahoo! (YHOO) stock is down 0.26% to $34.71 in afternoon trading on Thursday after shareholder Starboard Value, which owns a 1.7% stake in the technology company, nominated nine candidates to replace the company's board, including senior technology executive Richard (Rick) Hill.

The board's nominating and governance committee will consider the proposal, but TheStreet's Jim Cramer suggested the company should "stop talking and bring in Rick Hill."

"Maybe this wakes up Yahoo!," Cramer said on CNBC's Squawk on the Street this morning, adding that Starboard's nominees "could turn this thing around very quickly."

Cramer explained that a new management team could be the key to unlocking Yahoo!'s hidden potential.

"This is going to shake things up even if Starboard only owns 1%," he added.

"This slate is about Rick Hill," he observed, describing Hill as a "turn-around artist" and "one of the greatest money makers of all time."

Cramer urged Yahoo! to consider Hill as interim chairman or CEO because he has a record of improving struggling businesses as he did at Tessera Technologies (TSRA), where he still serves as chairman.

"If Starboard gets in or if Rick gets in, you're going to want to own Yahoo!," Cramer commented. (See video, above.) "Rick Hill is the Trojan horse that is going to bring you a gift."

Separately, Yahoo! has a "hold" rating and a letter grade of C- at TheStreet Ratings because of the company's strengths, such as revenue growth, largely solid financial position with reasonable debt levels by most measures and expanding profit margins, and its 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

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 article's author. 

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