Dan Loeb Third Point Yahoo
Third Point Hedge Fund at Center of Yahoo CEO Trouble
In a letter to shareholders, Mr. Loeb called for Mr. Thompson to be fired and for, Patti Hart, the Yahoo executive who led the CEO search committee, to resign--in a twist, it was also revealed that Ms. Hart appears to have claimed different academic credentials than what she earned as an undergraduate. It remains to be seen whether Yahoo will acquiesce to the demands made by this hedge fund manager and other investors; the company is conducting a review of the matter.
In a letter to shareholders on Friday, Third Point’s founder, Daniel S. Loeb, called for Mr. Thompson to be fired and for Ms. Hart to resign. Mr. Loeb also raised concerns about whether Yahoo had filed erroneous information in securities filings and other documents.
“Irreparable damage to Yahoo’s culture will continue every day that the board allows Mr. Thompson and Ms. Hart to remain at the helm of the company after having clearly demonstrated that they lack even the ‘minimum qualifications for service as a director of the company,’ ” Mr. Loeb wrote.
A spokeswoman for Yahoo, Amanda Pires, said in a statement: “As we have previously said, the board is reviewing this matter and, upon completion of its review, will make an appropriate disclosure to shareholders.”
Earlier this year, Third Point started an aggressive battle against Yahoo, questioning the company’s strategic direction and its choice of new directors, who Mr. Loeb said lacked advertising and media expertise. The hedge fund is seeking four board seats at Yahoo. Source