Yahoo shareholder demands records on CEO's hiring (Update)

May 07, 2012

(AP) -- A major Yahoo shareholder has made a legal demand for internal records about the embattled Internet company's hiring of CEO Scott Thompson.

Activist hedge fund Third Point LLC took the unusual step Monday as part of its effort to oust Thompson for an inaccuracy about his academic credentials.

After exposing the fabrication last week, Third Point set a noon Eastern Time deadline Monday for Yahoo to fire Thompson for unethical conduct. That deadline passed without any change in Thompson's status.

Third Point wants to review Yahoo Inc. documents that may explain how much research the company's board did about Thompson before hiring him in January. The fund contends it's entitled to the records under the laws of Delaware, where Yahoo is incorporated.

Yahoo didn't immediately respond to a request for comment.

Explore further: India on tap as first market for Microsoft Lumia 535

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

Related Stories

Yahoo confirms misleading info on new CEO's resume

May 04, 2012

(AP) -- A disgruntled Yahoo shareholder questioned the qualifications and integrity of recently hired CEO Scott Thompson after exposing a misrepresentation about the executive's education.

Yahoo board battle may begin within the next week

Mar 15, 2012

(AP) -- A potentially nasty battle to reshape Yahoo's board of directors will begin within the next week unless the troubled Internet company submits to the demands of a major shareholder.

Yahoo shareholder pushes for its board nominees

Mar 21, 2012

(AP) -- One of Yahoo's major investors is urging shareholders to vote its four nominees on to the Internet company's board, launching a potentially nasty fight to transform the Internet company's board.

Recommended for you

Netflix sues Yahoo CIO for alleged kickbacks

6 hours ago

Netflix is suing a former company vice president who is now chief information officer at Yahoo, accusing him of receiving money from vendors he hired to work with the video streaming company.

BlackBerry courts iPhone users with cash

Nov 25, 2014

Canadian smartphone maker BlackBerry is wooing Apple customers with a cash offer for trade-ins of iPhones for its new square-screened, keyboard-equipped Passport.

HP earnings show continued struggle

Nov 25, 2014

Venerable tech giant Hewlett-Packard has been struggling for three years to turn its business around. Its latest earnings show it still has more work ahead.

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.