Yahoo is a company that's been having some serious problems of late. With troubles on most every front, from the search engine traffic numbers to the financial reports, there's word that one of Yahoo's primary investors is looking to lead a charge to take the boardroom back. And that charge may start in earnest as early as next week.

Four out of the 11 members of Yahoo's board of directors, including Chairman Roy Bostock, are looking to announce their departures at Yahoo's upcoming annual meeting. And hedge fund Third Point LLC, which owns 5.8 percent of Yahoo, believes it's got some fine choices in mind to step up and take over for the four departing members, including a litany of impressive names like former MTV executive Michael Wolf, former NBC Universal (News - Alert) CEO Jeff Zucker, and Third Point's manager Daniel Loeb.

Yahoo, meanwhile, doesn't seem exactly happy with Third Point's offerings for the four open slots, instead demurring and saying that it's still engaged in considerations of a “wide range of highly qualified candidates”, including its two most recent hires, Alfred Amoroso and Maynard Webb.

Third Point isn't taking this lightly, meanwhile, and Loeb has plans to launch his campaign for the board within the next week if Yahoo doesn't accept Third Point's slate. This could lead to a distracting fight for control to coincide with Yahoo's annual meeting, generally held in late June. And considering that current CEO Scott Thompson is already working on a deep shake-up, possibly to the tune of several thousand jobs being cut, a mutiny in the shareholder ranks is something he can clearly do without.

Some might say that Third Point is overreaching here, going after nearly 40 percent of the board when it only owns six percent of the company. One seat would certainly be fair, and commensurate with Third Point's ownership stake—six percent of the company gets nine percent of the available slots—but it's not hard to see where Third Point's reach might be exceeding its grasp.

But one thing is quite clear: Yahoo needs to do something, or it's going to be rendered obsolete before too much longer has passed. There is a lot of competition out there, and it's doing a whole lot more than Yahoo is. Yahoo needs more, and needs to do so with less, if it's really going to keep itself in one piece for very long.