Reuters: Technology News: Hedge fund Third Point files Yahoo board challenge

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Hedge fund Third Point files Yahoo board challenge Mar 21st 2012, 15:01 Tweet Share this Email Print Related News Facebook underwriters to get 1.1 percent fee: source Tue, Mar 20 2012 Olympus risks foreign backlash with new board line-up Mon, Feb 27 2012 UPDATE 5-Olympus risks foreign backlash with new board line-up Mon, Feb 27 2012 Foreign investors fear Japan banks may hijack Olympus Tue, Feb 21 2012 Analysis & Opinion Did the market know about Apple's announcement? Splitting AT&T CEO and chairman roles a no-brainer The Yahoo! offices are pictured in Santa Monica, California April 18, 2011. Credit: Reuters/Mario Anzuoni Wed Mar 21, 2012 11:01am EDT (Reuters) - Activist hedge fund Third Point on Wednesday filed a proxy statement with regulators seeking to install its own slate of directors on Yahoo Inc's board after criticizing the Internet company's recent appointees to the board. Third Point has a 5.8 percent stake in Yahoo, ranking it among the company's largest institutional shareholders. It has sharply panned Yahoo's performance and strategy in recent months and previously stated its intention to nominate new board members. A Web pioneer, Yahoo has seen revenue growth stall in recent years as rivals Facebook and Google Inc have increased their share of online advertising spending. Last month, Yahoo's board appointed Alfred Amoroso, former CEO of Rovi Corp, a digital entertainment company; and Maynard Webb, chairman of LiveOps, a customer call center company, after Yahoo Chairman Roy Bostock and three other directors announced they were stepping down. Third Point said in the filing that Yahoo's recently named board members are not in the best interest of the company or shareholders. "Installing the hand-picked choices of the current board does nothing to allay concerns that the Company is poised to repeat the errors of its past," the hedge fund wrote in its filing with the U.S. Securities and Exchange Commission. The hedge fund, led by Dan Loeb, 50, is nominating four directors to Yahoo's board, including Loeb and former NBC Universal CEO Jeff Zucker. The deadline for outside shareholders to nominate a rival slate of directors to Yahoo's board is March 25. (Reporting By Yinka Adegoke in New York; editing by Matthew Lewis) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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