Hedge Fund Slams Yahoo For “Dismissive” Treatment Of Dissident Board Candidates

The comment comes in a bitter proxy that hedge fund Third Point just sent Yahoo shareholders seeking their support for the four candidates it wants on the company board: the fund’s CEO Daniel Loeb, corporate restructuring expert Harry Wilson, media consultant Michael Wolf, and former NBCUniversal CEO Jeff Zucker. Although Yahoo hasn’t announced its board candidates, or the date of its annual meeting, Third Point wants shareholders to authorize it to vote on their behalf for its candidates. The reason: Yahoo’s too focused on technology “at the expense of advertising and media, which accounts for the vast majority of the Company’s revenues,” the proxy says. That “fails to recognize the tremendous growth opportunity in video, and directly results from a dearth of essential expertise in media and entertainment at the Board level.” The document discloses that Loeb, whose firm controls 5.8% of Yahoo’s voting shares, spoke to Chairman Roy Bostock on September 12, shortly after the company fired CEO Carol Bartz. Loeb said that he considered Bostock and Yahoo co-founder Jerry Yang to also be responsible for the company’s problems and that Third Point “intended to pursue whatever efforts were necessary to remove Mr. Bostock from the Board.” Not surprisingly, the conversation “ended abruptly when (more…)

This article was printed from https://deadline.com/2012/03/hedge-fund-slams-yahoo-for-dismissive-treatment-of-dissident-board-candidates-246991/