Hedge fund Third Point, which owns 5.8% of Yahoo’s shares, chided CEO Scott Thompson for failing to lay out his strategic plan before he fired about 2,000 employees today. The fund, run by Daniel Loeb, says the fifth major cutback in the last five years was “unfortunately necessary.” But it notes that Yahoo’s board said in September that it planned a “comprehensive strategic review,” while Thompson said in January that he had “some very clear ideas about the specifics of what we’ll do.” To date, though, “shareholders and remaining employees have heard few such specifics.” Meanwhile, many of the company’s “senior-level employees and investors have apparently seen enough and heard too little, and have independently staged an exodus, weighing on the company’s share price.” Loeb says this is a reason for shareholders to support his slate of four directors which, in addition to himself, include corporate restructuring expert Harry Wilson, media consultant Michael Wolf, and former NBCUniversal CEO Jeff Zucker. Yahoo shares were up 0.6% on a day when the overall market was down.
Dissident Yahoo Shareholders Ask: What's The Plan Behind Today's Layoffs?
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