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.

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