Tags: Yahoo | Shareholder Fight

Yahoo Shareholder Blasts Company for Board Snub

Wednesday, 28 Mar 2012 03:01 PM

A major Yahoo shareholder passed over for a seat on the troubled Internet company's board is blasting the decision as illogical.

Hedge fund manager Daniel Loeb described the snub as a glaring example of shoddy corporate governance in a Wednesday letter to Yahoo CEO Scott Thompson.

Loeb contends he would have been a better representative for Yahoo Inc. shareholders because he controls a 5.8 percent stake in the company through his fund, Third Point LLC. Loeb has spent about $1 billion buying the Sunnyvale, Calif., company's shares.

Yahoo said on Sunday that it appointed three other directors who haven't been investing in the company.

Loeb is challenging those selections with four alternative board candidates, including himself. Shareholders will choose which directors they want at Yahoo's annual meeting later this year.

© Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

   
1Like our page
2Share
130
2012-01-28
Wednesday, 28 Mar 2012 03:01 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved