Yahoo Names Three New Directors in Board Overhaul $YHOO

THIRD POINTYahoo (YHOO) used to be a great company. It was one of the leaders in the free email addresses market for a while and developed a range of products that were top in their classes, like Flickr and Yahoo Finance. Now, the number of email subscribers it has is considerably less than its peers, coming in at just over 310 million users while Google (GOOG)’s Gmail and Microsoft (MSFT)’s Hotmail each boast roughly 350 million subscribers.

Hedge fund manager Dan Loeb has been pushing for Yahoo’s success since his fund Third Point opened a stake in the company during the third quarter. First on Loeb’s list was removing founder Jerry Yang. The fund manager, who owns roughly 6% of Yahoo, was very vocal in calling for Yang’s resignation and he ultimately succeeded. Yang left the company in January. Loeb also demanded Board Chairman Roy Bostock’s resignation. After a long fight, Loeb won out and Bostock along with four board directors will step down after Yahoo’s annual shareholder meeting next month.

However, Loeb did get everything he asked for. The fund manager had nominated four members to Yahoo’s board – Maeva Group CEO Harry Wilson, former MTV Networks President Michael Wolf, former NBC Universal CEO Jeff Zucker and himself. Loeb’s request was met with a chilly reception and it appears the reason why has come to light.

According to the Wall Street Journal, Yahoo named three new directors on Sunday March 25: John D. Hayes, an executive at credit card company American Express (AXP); Peter Liguori, a former chief operating officer of Discovery Communications (DISCA); and Thomas J. McInerney, outgoing chief financial officer of Internet company IAC/InterActiveCorp (IACI).

“Yahoo said it was been unable to reach a compromise with Dan Loeb,” writes the Wall Street Journal. “Yahoo said it was willing to bring aboard one of those picks, restructuring expert Harry Wilson, plus a different candidate that would be mutually acceptable to both Mr. Loeb and Yahoo, but Mr. Loeb rejected the idea.”

Loeb filed a statement Sunday saying that he was “disappointed by Yahoo’s moves” and that he “intends to continue pursuing a proxy fight.”

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months Click to see monthly returns in table format!

Lists

10 High Margin Food Products to Build a Business Around

The 10 Most Expensive Clothing Stores in the United States to Get Decked Out At

The 5 Biggest Kickstarter Scams That Swindled Backers’ Donations

The 10 Most Expensive Boarding Schools In the World

50 Crazy Facts About Japan You Won’t Believe

Top 10 Least Expensive Hybrid Cars to Save the Planet With

The 10 Biggest ‘Gate’ Controversies in History

The 10 States with the Highest Nursing Shortages Leaving Their Hospitals Depleted

The 10 Best Value Investment Blogs that Every Investor Must Read

The 6 Cheapest Boarding Schools in Europe 2015

The 5 Most Expensive Cars To Insure in the World

The 10 Most Common Genetically Modified Foods

10 Self-Made Billionaires Who Came From Nothing

The 10 Most Expensive Cities to Live in North America

The 13 Most Expensive Headphones in the World to Represent

The Top 20 Wealthiest Soccer Teams in 2014

4 BuzzWorthy Cannabis Stocks And Some Smoking Derivative Plays

The 10 Healthiest Fast Food Chains in America to Dine At

The 5 Most Expensive Cat Food Brands You Can Spoil Your Kitty With

The 6 Best eCommerce Platforms for Small Businesses

The 10 Worst Mistakes an Entrepreneur Can Make

The 5 Most OP Characters in League of Legends to Carry Games and Crush Foes With

The 5 Best Foods to Eat Before Running that Will Help You Pound the Pavement

10 Glaring Plot Holes in The Walking Dead that a Zombie-Filled Bus Could Drive Through

The 5 Biggest Celebrity Stoners Who Love Their Reefer

The 10 Most Overrated Movies Of All Time by Out-of-Touch Critics

Top 6 Least Expensive Cruise Destinations For 2015 that Will Take You to Paradise

10 States with Lowest Substance Abuse Rates in America

The 14 Most Watched TV Finales Ever

The 10 Best Selling Role Playing Games of All Time for PC

10 Most Influential Papers In Economics

Top 8 Biggest Charities in the US

10 Worst Celebrity Career Moves Ever

Top 10 Best Paid Tennis Stars in the World

Top 6 Cities For The Ultra Rich to Live in Comfort

10 Cities with High Demand for Nurses

6 of the Worst Greeting Card Messages Ever Crafted

How to Make Money in ArcheAge and Build Your Empire

10 Foods To Eat To Lower Cholesterol Levels

The 10 Most Hated Television Characters of All Time

The 30 Worst Halloween Costume Ideas Ever Brought to Horrible Life

10 Vocational Skills in Demand Today with Jobs Waiting to be Filled

10 Best Places to Visit in Central and South America

The 10 Greatest Empires in History Which Nearly Conquered the World

The 6 Cheapest Boarding Schools In America 2015

5 Clear Reasons LoL is Better than DotA, Continues to Rule MOBAs

The Only 9 Teams with a Chance to Win the Super Bowl

The 15 Most Common Phobias in America that Induce Fits of Panic

Top 6 Least Expensive Tourist Destinations in 2014

Jim Goetz, Peter Fenton, Jim Breyer: Top 6 Venture Investors for 2014

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!