Yahoo shareholder to try to seize 4 board seats

Feb 14, 2012

(AP) -- A major Yahoo shareholder unimpressed with a recent shake-up at the troubled company is trying to seize four seats on the board of directors.

New York hedge fund manager Daniel Loeb outlined his plans for the mutiny attempt in a Tuesday regulatory filing that revealed he bought an additional 12.9 million Yahoo shares last month. He now controls a 5.6 percent stake in Yahoo Inc.

Loeb hopes to use those holdings as leverage to gain a seat on Yahoo's board. He also nominated three other candidates to replace some of Yahoo's current . Loeb's allies are former NBCUniversal CEO Jeff Zucker, media consultant Michael Wolf and turnaround specialist Harry Wilson.

The challenge comes a week after Yahoo announced Chairman Roy Bostock and three other directors are stepping down.

Explore further: Bose sues Beats over headphone patents

not rated yet
add to favorites email to friend print save as pdf

Related Stories

Activist buys up stake in Yahoo, slams board

Sep 08, 2011

(AP) -- An activist investment fund disclosed Thursday that it has bought a 5.2 percent stake in troubled Web portal Yahoo Inc. and called for sweeping changes to the board.

Bartz blasts Yahoo! board

Sep 08, 2011

Fired Yahoo! chief executive Carol Bartz has responded to her dismissal with a characteristically salty blast at the board of directors of the Internet company.

Yahoo's board under fire after firing of CEO Bartz

Sep 09, 2011

(AP) -- Carol Bartz's firing as Yahoo Inc.'s CEO isn't going to be enough to placate a loudening chorus of shareholders who believe Chairman Roy Bostock and his fellow board members also should be ousted after years of questionable ...

Recommended for you

Amazon launches 3D printing store

7 hours ago

Amazon announced Monday the launch of an online store for 3D printed items to allow consumers to customize and personalize items like earrings, pendants, dolls and other objects.

Samsung delays Tizen smartphone sales launch

12 hours ago

Samsung Electronics said Monday it would postpone the roll-out of its new smartphone based on Tizen, a home-grown operating system aimed at breaking away from Google's Android system.

Chinese portal Sohu reports $45 million loss

15 hours ago

(AP)—Sohu.com Inc., operator of a popular Chinese Internet portal, said Monday it lost $45 million in the latest quarter while revenue rose 18 percent to $400 million.

User comments : 0