Yahoo Shareholder Steps Up Effort To Oust CEO Scott Thompson

Third Point CEO Daniel Loeb, who controls 5.8% of Yahoo’s shares, continues to punch away at the Yahoo board — which seems to already be on the ropes following the disclosure that Thompson misrepresented his bachelor’s degree. This morning Loeb sent directors a letter urging them to place himself and three colleagues (including former NBCUniversal chief Jeff Zucker) on Yahoo’s board. He wants them to name an interim CEO to replace Thompson. And he wants one of his allies, media consultant Michael Wolf, to chair a search committee to find a full time replacement. “Third Point has over $1 billion invested in Yahoo! and we take no joy in witnessing this carnage,” Loeb writes. “This Board’s unchecked value destruction must stop once and for all.” (more…)

This article was printed from https://deadline.com/2012/05/yahoo-shareholder-steps-up-effort-to-oust-ceo-scott-thompson-268891/