Yahoo! investor calls for new board of directors after CEO sacking
A public letter from a Yahoo investor has called for a new board of directors to be introduced after it fired its chief executive Carol Bartz earlier this week.
Hedge fund manager Daniel Loeb from Third Point, called on the board to be reorganised as it had made a ‘serious misjudgement’ in hiring Bartz, who aims to continue as a board member of the company.
He said that a ‘reconstituted board with new directors who will bring fresh eyes, relevant industry expertise and increased investor alignment to the table is immediately necessary.”
Loeb’s fund holds just over 5% of stake in Yahoo.
"This board's failures have destroyed value for all Yahoo stakeholders," he added.
Earlier, Bartz claimed that she had been “f@cked over” by the board in sacking her.