New York -- Hoping to persuade shareholders to vote out several of AOL's current board members, investor Starboard Value on Friday issued a letter to stockholders urging them to consider its three nominees. The firm, which owns 5.3% of AOL, is pushing the election of Dennis Miller, Jeffrey Smith and James Warner, in place of incumbent directors Alberto Ibarguen, Patricia Mitchell and James Stengel, at the company's annual meeting next month. The letter includes a point-by-point rundown of Starboard's take on its recent actions and AOL's responses. "If elected, our nominees are committed to working constructively with management and the board to substantially improve the profitability of AOL's Display business, including a full re-assessment of Patch, which, we believe, is losing approximately $150 million per year," Starboard wrote. "There are good and valuable businesses inside AOL. Our nominees plan to work with the board to help optimize the performance of these businesses in order to drive a material improvement in cash flow, profitability and value."