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: Amazon ups Ohio jobs to 1,000, begins collecting sales taxes (Update)

0 shares

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

The top 10 highest-paid female CEOs

May 29, 2015

Female CEOs are outpacing their male colleagues in pay, although they remain vastly outnumbered in the top echelons of American companies.

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.