Feb 8 (Reuters) - Three former executives of Jarden Corp, which was bought by U.S. consumer goods company Newell Brands Inc in 2016, will team up with activist hedge fund Starboard Value LP to replace Newell's board and Chief Executive Michael Polk, the Wall Street Journal reported on Thursday.

The three people include Jarden's former chairman Martin Franklin, former CEO Jim Lillie and another former Jarden executive Ian Ashken, the report said, citing people familiar with the matter. http://on.wsj.com/2FYTT8y

The activist hedge fund and its associates hold a stake of below 5 percent in Newell, the Journal reported.

The group aims to make Lillie CEO and Franklin chairman of the board at Newell, the report added.

Franklin resigned from the position of Newell director last month, according to the report.

Newell added more than 100 brands to its product line following its $15 billion purchase of Jarden in 2016.

The activists are seeking to make a case that Newell's leadership took some wrong steps in its integration with Jarden, WSJ reported.

Sharpie pens maker Newell Brands is struggling to boost sales, with some of the biggest U.S. retailers, including Wal-Mart Stores Inc, drastically cutting down on inventories amid falling store traffic.

Starboard and Newell did not respond to a request for comment outside regular business hours. (Reporting by Kanishka Singh in Bengaluru; Editing by Daniel Wallis)